Portman Ridge Finance (NASDAQ:BCIC) Shares Up 0.7% Following Dividend Announcement

Portman Ridge Finance Corp (NASDAQ:BCIC)’s stock price shot up 0.7% on Thursday after the company announced a dividend. The company traded as high as $7.48 and last traded at $7.39. Approximately 149,597 shares were traded during mid-day trading, an increase of 262% from the average daily volume of 41,343 shares. The stock had previously closed at $7.34.

The newly announced dividend which will be paid on Wednesday, December 30th. Investors of record on Tuesday, December 15th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a c) dividend on an annualized basis and a yield of 14.4%. Portman Ridge Finance’s dividend payout ratio (DPR) is presently -450.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Portman Ridge Finance in a research note on Friday, May 22nd. Zacks Research upgraded shares of Portman Ridge Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 13th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $9.00.

Portman Ridge Finance Stock Performance

The company’s fifty day simple moving average is $7.30. The company has a current ratio of 4.43, a quick ratio of 4.43 and a debt-to-equity ratio of 1.74. The firm has a market cap of $92.85 million, a PE ratio of -13.64 and a beta of 0.50.

Insider Transactions at Portman Ridge Finance

In other Portman Ridge Finance news, CEO Edward J. Goldthorpe purchased 13,738 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were acquired at an average price of $7.16 per share, for a total transaction of $98,364.08. Following the completion of the purchase, the chief executive officer owned 99,878 shares of the company’s stock, valued at approximately $715,126.48. The trade was a 15.95% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dean C. Kehler sold 15,000 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $7.64, for a total value of $114,600.00. Following the sale, the director owned 5,649 shares in the company, valued at $43,158.36. The trade was a 72.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Portman Ridge Finance

An institutional investor recently bought a new position in Portman Ridge Finance stock. Arlington Trust Co LLC bought a new position in shares of Portman Ridge Finance Corp (NASDAQ:BCIC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,468 shares of the company’s stock, valued at approximately $29,000. 30.14% of the stock is owned by institutional investors.

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, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm’s business. It primarily invests in healthcare, cargo transport, manufacturing, industrial & environmental services, logistics & distribution, media & telecommunications, real estate, education, automotive, agriculture, aerospace/defense, packaging, electronics, finance, non-durable consumer, consumer products, business services, utilities, insurance, and food and beverage sectors.