Bulldog Investors LLP Purchases 131,630 Shares of Portman Ridge Finance Co. (NASDAQ:PTMN)

Bulldog Investors LLP lifted its stake in Portman Ridge Finance Co. (NASDAQ:PTMN - Free Report) by 155.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 216,546 shares of the company's stock after acquiring an additional 131,630 shares during the quarter. Bulldog Investors LLP owned approximately 2.35% of Portman Ridge Finance worth $3,539,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Virtus ETF Advisers LLC increased its position in shares of Portman Ridge Finance by 25.3% during the 4th quarter. Virtus ETF Advisers LLC now owns 29,852 shares of the company's stock worth $488,000 after purchasing an additional 6,031 shares during the last quarter. Founders Financial Alliance LLC grew its position in shares of Portman Ridge Finance by 6.3% in the 4th quarter. Founders Financial Alliance LLC now owns 62,217 shares of the company's stock valued at $1,017,000 after acquiring an additional 3,671 shares during the period. Trexquant Investment LP raised its holdings in shares of Portman Ridge Finance by 50.3% in the 4th quarter. Trexquant Investment LP now owns 65,351 shares of the company's stock valued at $1,068,000 after purchasing an additional 21,859 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Portman Ridge Finance in the 4th quarter valued at about $1,702,000. Institutional investors own 30.14% of the company's stock.

Portman Ridge Finance Stock Performance

NASDAQ:PTMN traded down $0.23 during mid-day trading on Friday, reaching $12.12. 48,535 shares of the company's stock were exchanged, compared to its average volume of 46,928. Portman Ridge Finance Co. has a one year low of $11.60 and a one year high of $20.84. 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 business's fifty day simple moving average is $13.63 and its two-hundred day simple moving average is $15.89. The firm has a market capitalization of $111.54 million, a PE ratio of 32.76 and a beta of 0.64.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.13). Portman Ridge Finance had a net margin of 5.47% and a return on equity of 14.68%. The company had revenue of $12.12 million during the quarter, compared to the consensus estimate of $14.04 million. Analysts anticipate that Portman Ridge Finance Co. will post 2.64 earnings per share for the current fiscal year.

Portman Ridge Finance Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, May 19th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 15.51%. The ex-dividend date is Monday, May 19th. Portman Ridge Finance's dividend payout ratio is presently -293.75%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reduced their target price on shares of Portman Ridge Finance from $16.00 to $14.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th.

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.