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Portman Ridge Finance Corporation (NASDAQ:PTMN) stock has reached a new 52-week low, trading at $12.57, with InvestingPro data showing the stock's RSI indicating oversold territory. The company maintains a notable market capitalization of $119.6 million and offers an impressive dividend yield of 21.2%. This latest price point reflects a significant downturn for the company within the past year, marking a notable moment for investors and analysts tracking its performance. The decline in PTMN's stock value is part of a broader trend for the company, with InvestingPro showing a year-to-date return of -17.5%. Despite these challenges, the company has maintained dividend payments for 19 consecutive years, demonstrating resilience in its shareholder returns policy. For deeper insights into PTMN's valuation and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Portman Ridge Finance Corporation announced its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of $0.60, which fell short of the anticipated $0.65. The company's revenue also missed expectations, reporting $14.4 million compared to the forecasted $15.56 million. Keefe, Bruyette & Woods (KBW) responded to these results by lowering Portman Ridge's stock price target from $18.00 to $16.00, while maintaining a Market Perform rating. The firm adjusted its earnings estimates for Portman Ridge to $2.25 and $2.18, down from $2.52 and $2.49, respectively, due to increased non-accruals and a lower portfolio yield.
Portman Ridge also announced a significant change in its dividend policy, reducing its quarterly dividend by 32% to a base of $0.47, with a supplemental dividend of $0.07 contingent upon net investment income surpassing the base dividend amount. The company is preparing for a merger with Logan Ridge Finance Corporation, expected to conclude in the second quarter of 2025. This merger is a key factor in KBW's revised earnings estimates and price target adjustment. The merger aims to strengthen Portman Ridge's market position and create a more competitive entity.
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