Virtus ETF Advisers LLC Takes $1.68 Million Position in Portman Ridge Finance Corp (NASDAQ:PTMN)
Virtus ETF Advisers LLC purchased a new stake in Portman Ridge Finance Corp (NASDAQ:PTMN) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 748,004 shares of the company’s stock, valued at approximately $1,683,000.
Several other hedge funds and other institutional investors have also bought and sold shares of PTMN. LPL Financial LLC acquired a new position in shares of Portman Ridge Finance in the 2nd quarter valued at about $30,000. JPMorgan Chase & Co. acquired a new position in shares of Portman Ridge Finance in the 2nd quarter valued at about $30,000. HighTower Advisors LLC acquired a new position in shares of Portman Ridge Finance in the 2nd quarter valued at about $34,000. Almitas Capital LLC acquired a new position in shares of Portman Ridge Finance in the 1st quarter valued at about $70,000. Finally, Creative Planning acquired a new position in shares of Portman Ridge Finance in the 2nd quarter valued at about $82,000. 26.82% of the stock is owned by institutional investors and hedge funds.
Portman Ridge Finance stock traded up $0.02 during midday trading on Friday, reaching $2.32. 3,400 shares of the stock traded hands, compared to its average volume of 118,605. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.88. The stock has a fifty day moving average price of $2.30. The firm has a market cap of $85.92 million, a price-to-earnings ratio of 8.52 and a beta of 0.71. Portman Ridge Finance Corp has a fifty-two week low of $2.10 and a fifty-two week high of $3.80.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Monday, August 12th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 10.34%. The ex-dividend date was Friday, August 9th. Portman Ridge Finance’s payout ratio is 88.89%.
A number of research analysts have issued reports on PTMN shares. ValuEngine lowered shares of Portman Ridge Finance from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Zacks Investment Research lowered shares of Portman Ridge Finance from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, TheStreet lowered shares of Portman Ridge Finance from a “c-” rating to a “d+” rating in a research note on Wednesday, July 17th.
In other news, CEO Edward J. Goldthorpe bought 11,500 shares of Portman Ridge Finance stock in a transaction on Tuesday, August 13th. The stock was purchased at an average cost of $2.29 per share, with a total value of $26,335.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 32,639 shares of company stock valued at $73,509 over the last three months. 6.30% of the stock is currently owned by company insiders.
Portman Ridge Finance Profile
Portman Ridge Finance Corp. is a private equity fund and non-diversified closed-end investment company that invests in middle market companies generating consistent cash flows located in North America. It targets companies operating across a broad range of sectors such as aerospace and defense, automotive, beverage, food and tobacco, broadcasting and entertainment, buildings and real estate, personal and cargo transport, chemicals, plastics and rubber, containers, packaging and glass, diversified or conglomerate service, ecological, electronics, finance, and healthcare.
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