Bulldog Investors LLP Raises Stock Position in Portman Ridge Finance Co. (NASDAQ:PTMN)

Bulldog Investors LLP raised its holdings in shares of Portman Ridge Finance Co. (NASDAQ:PTMN - Free Report) by 155.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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.

Several other large investors have also made changes to their positions in PTMN. Raymond James Financial Inc. bought a new stake in Portman Ridge Finance during the 4th quarter valued at approximately $1,702,000. Founders Financial Alliance LLC raised its position in shares of Portman Ridge Finance by 6.3% during the fourth quarter. Founders Financial Alliance LLC now owns 62,217 shares of the company's stock valued at $1,017,000 after buying an additional 3,671 shares during the last quarter. Trexquant Investment LP raised its position in shares of Portman Ridge Finance by 50.3% during the fourth quarter. Trexquant Investment LP now owns 65,351 shares of the company's stock valued at $1,068,000 after buying an additional 21,859 shares during the last quarter. Finally, Virtus ETF Advisers LLC lifted its holdings in shares of Portman Ridge Finance by 25.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 29,852 shares of the company's stock worth $488,000 after buying an additional 6,031 shares in the last quarter. 30.14% of the stock is currently owned by hedge funds and other institutional investors.

Portman Ridge Finance Price Performance

Portman Ridge Finance stock traded up $0.06 during midday trading on Wednesday, reaching $12.23. 38,601 shares of the stock traded hands, compared to its average volume of 46,857. The stock has a market cap of $112.55 million, a P/E ratio of 33.05 and a beta of 0.64. The stock's fifty day moving average is $13.82 and its 200-day moving average is $15.97. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 1.41. Portman Ridge Finance Co. has a 12 month low of $11.60 and a 12 month high of $20.84.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last posted its earnings results on Thursday, March 13th. The company reported $0.60 EPS for the quarter, missing analysts' consensus estimates of $0.68 by ($0.08). The firm had revenue of $14.40 million for the quarter, compared to the consensus estimate of $15.14 million. Portman Ridge Finance had a net margin of 5.47% and a return on equity of 14.68%. As a group, equities research analysts anticipate that Portman Ridge Finance Co. will post 2.64 EPS for the current year.

Portman Ridge Finance Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 24th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 15.37%. The ex-dividend date was Monday, March 24th. Portman Ridge Finance's payout ratio is -293.75%.

Analyst Upgrades and Downgrades

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

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.