Oppenheimer Cuts Portman Ridge Finance (NASDAQ:BCIC) Price Target to $11.00

Portman Ridge Finance (NASDAQ:BCIC) had its price objective lowered by Oppenheimer from $12.00 to $11.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a market perform rating on the stock.

Several other equities analysts have also recently weighed in on BCIC. Keefe, Bruyette & Woods cut their price target on Portman Ridge Finance from $9.00 to $7.50 and set a “market perform” rating for the company in a report on Monday. Zacks Research raised Portman Ridge Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 13th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Portman Ridge Finance in a report on Friday, May 22nd. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $9.25.

Portman Ridge Finance Trading Down 0.4%

Shares of BCIC stock opened at $7.72 on Monday. Portman Ridge Finance has a 12-month low of $6.70 and a 12-month high of $13.50. The company has a quick ratio of 4.43, a current ratio of 4.43 and a debt-to-equity ratio of 1.74. The stock has a 50-day moving average price of $7.31. The company has a market capitalization of $95.57 million, a PE ratio of -14.04 and a beta of 0.50.

Portman Ridge Finance Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, December 30th. Investors of record on Tuesday, December 15th will be given a $0.09 dividend. The ex-dividend date is Tuesday, December 15th. This represents a c) annualized dividend and a yield of 14.0%. Portman Ridge Finance’s dividend payout ratio (DPR) is currently -196.36%.

Insider Activity at Portman Ridge Finance

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

Institutional Trading of Portman Ridge Finance

A hedge fund recently bought a new stake in Portman Ridge Finance stock. Arlington Trust Co LLC acquired a new position in shares of Portman Ridge Finance Corp (NASDAQ:BCIC) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,468 shares of the company’s stock, valued at approximately $29,000. 30.14% of the stock is owned by hedge funds and other institutional investors.

About Portman Ridge Finance

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.