Advisors Asset Management Inc. Cuts Holdings in Portman Ridge Finance Co. (NASDAQ:PTMN)

Advisors Asset Management Inc. trimmed its holdings in shares of Portman Ridge Finance Co. (NASDAQ:PTMN) by 4.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 86,055 shares of the company’s stock after selling 3,776 shares during the period. Advisors Asset Management Inc. owned approximately 0.93% of Portman Ridge Finance worth $1,596,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Confluence Investment Management LLC boosted its stake in Portman Ridge Finance by 1.8% during the 3rd quarter. Confluence Investment Management LLC now owns 60,751 shares of the company’s stock valued at $1,127,000 after purchasing an additional 1,072 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Portman Ridge Finance by 1,340.3% in the 3rd quarter. International Assets Investment Management LLC now owns 43,166 shares of the company’s stock worth $801,000 after buying an additional 40,169 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Portman Ridge Finance in the 3rd quarter worth $251,000. Redhawk Wealth Advisors Inc. boosted its stake in shares of Portman Ridge Finance by 7.6% in the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 43,140 shares of the company’s stock worth $800,000 after buying an additional 3,038 shares during the last quarter. Finally, Founders Financial Alliance LLC boosted its stake in shares of Portman Ridge Finance by 74.2% in the 2nd quarter. Founders Financial Alliance LLC now owns 49,954 shares of the company’s stock worth $980,000 after buying an additional 21,273 shares during the last quarter. 30.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods dropped their price target on Portman Ridge Finance from $19.00 to $18.00 and set a “market perform” rating on the stock in a research note on Thursday, November 14th.

Portman Ridge Finance Price Performance

NASDAQ PTMN opened at $16.90 on Monday. The company has a market capitalization of $155.65 million, a PE ratio of 45.68 and a beta of 1.02. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.14 and a current ratio of 3.14. The business’s fifty day moving average is $18.20 and its 200 day moving average is $18.92. Portman Ridge Finance Co. has a fifty-two week low of $16.50 and a fifty-two week high of $20.84.

Portman Ridge Finance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 19th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $2.76 annualized dividend and a yield of 16.33%. Portman Ridge Finance’s dividend payout ratio (DPR) is presently 745.97%.

Portman Ridge Finance 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.