Portman Ridge Finance Co. Announces Quarterly Dividend of $0.69 (NASDAQ:PTMN)

Portman Ridge Finance Co. (NASDAQ:PTMN) announced a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Shareholders of record on Tuesday, November 19th will be given a dividend of 0.69 per share on Friday, November 29th. This represents a $2.76 dividend on an annualized basis and a yield of 15.42%. The ex-dividend date of this dividend is Tuesday, November 19th.

Portman Ridge Finance has increased its dividend by an average of 4.6% per year over the last three years. Portman Ridge Finance has a payout ratio of 105.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Portman Ridge Finance to earn $2.66 per share next year, which means the company may not be able to cover its $2.76 annual dividend with an expected future payout ratio of 103.8%.

Portman Ridge Finance Price Performance

Shares of NASDAQ:PTMN opened at $17.90 on Monday. The stock’s 50 day moving average is $18.30 and its 200-day moving average is $18.99. Portman Ridge Finance has a twelve month low of $16.27 and a twelve month high of $20.84. The company has a quick ratio of 4.40, a current ratio of 3.14 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $164.86 million, a price-to-earnings ratio of 48.38 and a beta of 1.02.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods cut their price target on Portman Ridge Finance from $19.00 to $18.00 and set a “market perform” rating for the company in a research note on Thursday.

Portman Ridge Finance Company Profile

Portman Ridge Finance Corporation is a business development company specializing in investments in unitranche loans (including last out), first lien loans, second lien loans, subordinated debt, equity co-investment, mezzanine, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm's business.