Advisors Asset Management Inc. Reduces Position in Portman Ridge Finance Co. (NASDAQ:PTMN)

Advisors Asset Management Inc. lessened its holdings in shares of Portman Ridge Finance Co. (NASDAQ:PTMN) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,055 shares of the company’s stock after selling 3,776 shares during the period. Advisors Asset Management Inc.’s holdings in Portman Ridge Finance were worth $1,596,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PTMN. Confluence Investment Management LLC boosted its position in shares of Portman Ridge Finance by 1.8% during the second quarter. Confluence Investment Management LLC now owns 59,679 shares of the company’s stock valued at $1,171,000 after buying an additional 1,075 shares during the period. Redhawk Wealth Advisors Inc. purchased a new position in shares of Portman Ridge Finance during the second quarter valued at approximately $787,000. International Assets Investment Management LLC purchased a new position in shares of Portman Ridge Finance during the second quarter valued at approximately $59,000. Ritholtz Wealth Management purchased a new position in shares of Portman Ridge Finance during the second quarter valued at approximately $272,000. Finally, Founders Financial Alliance LLC boosted its position in shares of Portman Ridge Finance by 74.2% during the second quarter. Founders Financial Alliance LLC now owns 49,954 shares of the company’s stock valued at $980,000 after buying an additional 21,273 shares during the period. Hedge funds and other institutional investors own 30.14% of the company’s stock.

Portman Ridge Finance Stock Down 0.8 %

Shares of NASDAQ PTMN opened at $16.90 on Monday. 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 firm has a market capitalization of $155.65 million, a price-to-earnings ratio of 45.68 and a beta of 1.02. The stock has a 50 day moving average price of $18.20 and a 200 day moving average price of $18.92. Portman Ridge Finance Co. has a 52-week low of $16.50 and a 52-week high of $20.84.

Portman Ridge Finance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 19th will be issued a $0.69 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 16.33%. Portman Ridge Finance’s payout ratio is 745.97%.

Analyst Ratings Changes

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

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