Connor Clark & Lunn Investment Management Ltd. Reduces 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, according to its most recent filing with the Securities and Exchange Commission (SEC). 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. owned about 0.17% of Portman Ridge Finance worth $284,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PTMN. Confluence Investment Management LLC grew its position in shares of Portman Ridge Finance by 1.8% during the third quarter. Confluence Investment Management LLC now owns 60,751 shares of the company’s stock worth $1,127,000 after acquiring an additional 1,072 shares during the last quarter. International Assets Investment Management LLC raised its position in 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 valued at $801,000 after purchasing an additional 40,169 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Portman Ridge Finance during the 3rd quarter worth $251,000. Redhawk Wealth Advisors Inc. grew its position in Portman Ridge Finance by 7.6% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 43,140 shares of the company’s stock worth $800,000 after purchasing an additional 3,038 shares during the last quarter. Finally, Founders Financial Alliance LLC increased its stake in 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 period. 30.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Portman Ridge Finance Trading Up 0.4 %

NASDAQ:PTMN opened at $17.12 on Monday. Portman Ridge Finance Co. has a 12-month low of $16.63 and a 12-month high of $20.84. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 1.41. The stock’s 50 day simple moving average is $18.06 and its 200-day simple moving average is $18.81. The firm has a market cap of $157.73 million, a P/E ratio of 46.27 and a beta of 1.02.

Portman Ridge Finance Dividend Announcement

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

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.