Portman Ridge Finance Corp Up 2.3% To $19.36 After Earnings Beat

Portman Ridge Finance Corp (PTMN) said after close Wednesday that it earned $1.19 per share in quarter four 2023.

On the revenue line, the company reported $17.8 million, missing estimates by $1.2 million.

In the same quarter a year ago, the company earned $0.74 per share on revenue of $18.6 million.

The stock is up 2.3% to $19.36 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 27. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Portman Ridge Finance Corp Inc is a non-diversified closed-end investment company. The primary investment objective of the firm is to generate current income and capital appreciation by lending directly to privately-held middle-market companies. It invests in senior secured term loans and mezzanine debt primarily in privately-held middle market companies, asset management companies, and debt and subordinated securities.