Zacks Investment Research Downgrades Portman Ridge Finance (NASDAQ:PTMN) to Sell
According to Zacks, “Portman Ridge Finance Corporation is an investment company. It focuses on investment in consumer products, food and beverages, heathcare, logistics and distribution, media, telecommunication, education, aerospace and defense, industrial and environmental industries. Portman Ridge Finance Corporation, formerly known as KCAP Financial Inc., is based in New York, United States. “
Other analysts have also recently issued reports about the company. ValuEngine raised Portman Ridge Finance from a sell rating to a hold rating in a report on Thursday, August 1st. TheStreet cut Portman Ridge Finance from a c- rating to a d+ rating in a report on Wednesday, July 17th.
Portman Ridge Finance (NASDAQ:PTMN) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.04). The firm had revenue of $6.91 million for the quarter. Portman Ridge Finance had a positive return on equity of 2.41% and a negative net margin of 86.64%. As a group, analysts expect that Portman Ridge Finance will post 0.17 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Stockholders of record on Monday, August 12th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 10.91%. The ex-dividend date is Friday, August 9th. Portman Ridge Finance’s dividend payout ratio is currently 88.89%.
In related news, CEO Edward J. Goldthorpe bought 11,500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average price of $2.29 per share, with a total value of $26,335.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTMN. Callodine Capital Management LP bought a new position in shares of Portman Ridge Finance during the 2nd quarter valued at approximately $3,449,000. Virtus ETF Advisers LLC bought a new position in shares of Portman Ridge Finance during the 2nd quarter valued at approximately $1,683,000. Confluence Investment Management LLC bought a new position in shares of Portman Ridge Finance during the 2nd quarter valued at approximately $766,000. Diversified Trust Co bought a new position in shares of Portman Ridge Finance during the 2nd quarter valued at approximately $629,000. Finally, Thoroughbred Financial Services LLC bought a new position in shares of Portman Ridge Finance during the 2nd quarter valued at approximately $5,697,000. 23.17% of the stock is currently owned by hedge funds and other institutional investors.
About Portman Ridge Finance
Portman Ridge Finance Corp. is a private equity fund and non-diversified closed-end investment company that invests in middle market companies generating consistent cash flows located in North America. It targets companies operating across a broad range of sectors such as aerospace and defense, automotive, beverage, food and tobacco, broadcasting and entertainment, buildings and real estate, personal and cargo transport, chemicals, plastics and rubber, containers, packaging and glass, diversified or conglomerate service, ecological, electronics, finance, and healthcare.
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