Portman Ridge Finance Corp (NASDAQ:PTMN) Receives Consensus Recommendation of “Strong Buy” from Brokerages
Shares of Portman Ridge Finance Corp (NASDAQ:PTMN) have earned a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy rating. Portman Ridge Finance’s rating score has improved by 66.7% from 90 days ago as a result of a number of analysts’ ratings changes.
Brokerages have set a 12 month consensus target price of $2.75 for the company, according to Zacks. Zacks has also assigned Portman Ridge Finance an industry rank of 137 out of 255 based on the ratings given to its competitors.
A number of research analysts have recently commented on the company. LADENBURG THALM/SH SH raised Portman Ridge Finance from a “neutral” rating to a “buy” rating in a report on Friday, November 8th. Zacks Investment Research downgraded shares of Portman Ridge Finance from a “hold” rating to a “sell” rating in a report on Tuesday, October 8th. Finally, ValuEngine upgraded shares of Portman Ridge Finance from a “hold” rating to a “buy” rating in a research report on Wednesday, November 13th.
Portman Ridge Finance (NASDAQ:PTMN) last posted its earnings results on Thursday, November 7th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.01). Portman Ridge Finance had a negative net margin of 108.42% and a positive return on equity of 2.08%. The business had revenue of $7.08 million during the quarter. On average, analysts expect that Portman Ridge Finance will post 0.17 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 11.54%. The ex-dividend date was Thursday, November 14th. Portman Ridge Finance’s dividend payout ratio (DPR) is presently 88.89%.
In other news, CEO Edward J. Goldthorpe purchased 24,238 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was purchased at an average cost of $2.05 per share, with a total value of $49,687.90. Also, Director Christopher Lacovara sold 79,703 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $2.06, for a total value of $164,188.18. Insiders have purchased 29,238 shares of company stock worth $60,078 in the last quarter. Company insiders own 6.30% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of PTMN. Confluence Investment Management LLC bought a new stake in shares of Portman Ridge Finance in the 2nd quarter worth $766,000. Creative Planning bought a new stake in shares of Portman Ridge Finance in the 2nd quarter worth approximately $82,000. JPMorgan Chase & Co. bought a new stake in shares of Portman Ridge Finance in the 2nd quarter worth approximately $30,000. LPL Financial LLC acquired a new stake in Portman Ridge Finance during the second quarter valued at approximately $30,000. Finally, Independent Advisor Alliance acquired a new stake in Portman Ridge Finance during the second quarter valued at approximately $98,000. 27.70% of the stock is currently owned by 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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