Keefe, Bruyette & Woods Lowers Portman Ridge Finance (NASDAQ:PTMN) Price Target to $18.00

Portman Ridge Finance (NASDAQ:PTMN) had its price objective trimmed by Keefe, Bruyette & Woods from $19.00 to $18.00 in a research note published on Thursday,Benzinga reports. The firm currently has a market perform rating on the stock.

Portman Ridge Finance Trading Up 0.8 %

NASDAQ PTMN opened at $17.90 on Thursday. The stock has a 50-day simple moving average of $18.30 and a 200 day simple moving average of $18.99. The company has a market capitalization of $164.86 million, a PE ratio of 48.38 and a beta of 1.02. The company has a current ratio of 3.14, a quick ratio of 4.40 and a debt-to-equity ratio of 1.41. Portman Ridge Finance has a 12 month low of $16.27 and a 12 month high of $20.84.

Portman Ridge Finance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 19th will be issued a $0.69 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $2.76 dividend on an annualized basis and a yield of 15.42%. Portman Ridge Finance’s dividend payout ratio is presently 745.97%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Confluence Investment Management LLC grew its stake in Portman Ridge Finance by 1.8% in the third quarter. Confluence Investment Management LLC now owns 60,751 shares of the company’s stock valued at $1,127,000 after acquiring an additional 1,072 shares during the period. International Assets Investment Management LLC acquired a new position in Portman Ridge Finance in the second quarter valued at about $59,000. Redhawk Wealth Advisors Inc. grew its stake in Portman Ridge Finance by 7.6% in the third quarter. Redhawk Wealth Advisors Inc. now owns 43,140 shares of the company’s stock valued at $800,000 after acquiring an additional 3,038 shares during the period. Sequoia Financial Advisors LLC acquired a new position in Portman Ridge Finance in the third quarter valued at about $251,000. Finally, Ritholtz Wealth Management acquired a new position in Portman Ridge Finance in the second quarter valued at about $272,000. 30.14% of the stock is owned by institutional investors and hedge funds.

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.