Connor Clark & Lunn Investment Management Ltd. Decreases Stock Holdings in Portman Ridge Finance Co. (NASDAQ:PTMN)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Portman Ridge Finance Co. (NASDAQ:PTMN) by 68.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 15,316 shares of the company’s stock after selling 33,426 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Portman Ridge Finance were worth $284,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PTMN. International Assets Investment Management LLC acquired a new position in shares of Portman Ridge Finance during the 2nd quarter worth $59,000. Sequoia Financial Advisors LLC acquired a new position in Portman Ridge Finance during the third quarter worth about $251,000. Ritholtz Wealth Management acquired a new position in Portman Ridge Finance during the second quarter worth about $272,000. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Portman Ridge Finance in the second quarter valued at about $787,000. Finally, Founders Financial Alliance LLC grew its position in shares of Portman Ridge Finance by 74.2% in the second quarter. Founders Financial Alliance LLC now owns 49,954 shares of the company’s stock valued at $980,000 after purchasing an additional 21,273 shares during the last quarter. 30.14% of the stock is owned by hedge funds and other institutional investors.

Portman Ridge Finance Stock Up 0.4 %

PTMN opened at $17.12 on Monday. The firm has a market cap of $157.73 million, a P/E ratio of 46.27 and a beta of 1.02. The business’s fifty day simple moving average is $18.06 and its 200 day simple moving average is $18.81. Portman Ridge Finance Co. has a 52 week low of $16.63 and a 52 week high of $20.84. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 1.41.

Portman Ridge Finance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th were paid a dividend of $0.69 per share. The ex-dividend date was Tuesday, November 19th. This represents a $2.76 annualized dividend and a dividend yield of 16.12%. Portman Ridge Finance’s dividend payout ratio is currently 745.95%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods cut their price objective on Portman Ridge Finance from $19.00 to $18.00 and set a “market perform” rating for the company in a research report on Thursday, November 14th.

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, mezzanine, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm's business.