Confluence Investment Management LLC Sells 43,231 Shares of Portman Ridge Finance Corporation $PTMN

Key Points

• Confluence Investment Management LLC has sold 43,231 shares of Portman Ridge Finance Corporation, reducing its stake by 67.4% to own approximately 20,934 shares valued at $262,000.
• Portman Ridge Finance reported quarterly earnings of $0.50 per share, exceeding analysts' estimates, despite a revenue of $12.63 million falling short of predictions.
• The company recently declared a quarterly dividend of $0.47, providing a significant annualized yield of 15.6%, although its payout ratio stands at -202.15%.

Confluence Investment Management LLC cut its stake in Portman Ridge Finance Corporation (NASDAQ:PTMN - Free Report) by 67.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,934 shares of the company's stock after selling 43,231 shares during the quarter. Confluence Investment Management LLC owned about 0.23% of Portman Ridge Finance worth $262,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ritholtz Wealth Management purchased a new stake in shares of Portman Ridge Finance in the 1st quarter worth about $152,000. Ethos Financial Group LLC purchased a new stake in shares of Portman Ridge Finance in the 1st quarter worth about $183,000. Accordant Advisory Group Inc grew its position in Portman Ridge Finance by 3,000.0% during the 1st quarter. Accordant Advisory Group Inc now owns 15,500 shares of the company's stock valued at $222,000 after purchasing an additional 15,000 shares during the last quarter. Royal Bank of Canada increased its stake in Portman Ridge Finance by 69.9% during the 1st quarter. Royal Bank of Canada now owns 16,354 shares of the company's stock valued at $235,000 after purchasing an additional 6,730 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its stake in Portman Ridge Finance by 7.4% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 27,714 shares of the company's stock valued at $398,000 after purchasing an additional 1,903 shares in the last quarter. 30.14% of the stock is owned by hedge funds and other institutional investors.

Portman Ridge Finance Stock Up 2.0%

NASDAQ:PTMN traded up $0.24 on Friday, reaching $12.30. 53,225 shares of the stock traded hands, compared to its average volume of 52,829. The company has a market capitalization of $162.26 million, a price-to-earnings ratio of -13.23 and a beta of 0.60. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of 1.54. Portman Ridge Finance Corporation has a 12 month low of $11.48 and a 12 month high of $18.92. The company's fifty day simple moving average is $12.33 and its 200 day simple moving average is $12.77.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. Portman Ridge Finance had a negative net margin of 15.92% and a positive return on equity of 11.49%. The business had revenue of $12.63 million during the quarter, compared to analyst estimates of $13.24 million. Equities analysts predict that Portman Ridge Finance Corporation will post 2.64 EPS for the current fiscal year.

Portman Ridge Finance Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were paid a $0.47 dividend. The ex-dividend date was Monday, August 18th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 15.3%. Portman Ridge Finance's payout ratio is currently -202.15%.

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.