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 decreased its holdings in shares of Portman Ridge Finance Corporation (NASDAQ:PTMN - Free Report) by 67.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,934 shares of the company's stock after selling 43,231 shares during the period. Confluence Investment Management LLC owned approximately 0.23% of Portman Ridge Finance worth $262,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PTMN. Ritholtz Wealth Management bought a new stake in Portman Ridge Finance during the first quarter valued at $152,000. Ethos Financial Group LLC bought a new stake in Portman Ridge Finance during the first quarter valued at $183,000. Accordant Advisory Group Inc boosted its stake in Portman Ridge Finance by 3,000.0% during the first quarter. Accordant Advisory Group Inc now owns 15,500 shares of the company's stock valued at $222,000 after buying an additional 15,000 shares during the period. Royal Bank of Canada raised its position in Portman Ridge Finance by 69.9% during the first 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 raised its position in Portman Ridge Finance by 7.4% during the first 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. Institutional investors own 30.14% of the company's stock.

Portman Ridge Finance Trading Down 0.9%

NASDAQ PTMN opened at $12.09 on Monday. The stock's 50-day simple moving average is $12.37 and its two-hundred day simple moving average is $12.85. Portman Ridge Finance Corporation has a twelve month low of $11.48 and a twelve month high of $18.92. The company has a quick ratio of 3.11, a current ratio of 3.11 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $159.49 million, a price-to-earnings ratio of -13.00 and a beta of 0.60.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last released its quarterly earnings results 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 positive return on equity of 11.49% and a negative net margin of 15.92%.The business had revenue of $12.63 million for the quarter, compared to the consensus estimate of $13.24 million. Research analysts forecast that Portman Ridge Finance Corporation will post 2.64 EPS for the current fiscal year.

Portman Ridge Finance Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a $0.47 dividend. The ex-dividend date was Monday, August 18th. This represents a $1.88 annualized dividend and a dividend yield of 15.6%. Portman Ridge Finance's payout ratio is currently -202.15%.

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.

Want to see what other hedge funds are holding PTMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Portman Ridge Finance Corporation (NASDAQ:PTMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.