Palmer Square Capital BDC (NYSE:PSBD) Shares Up 0.3% Following Strong Earnings

Palmer Square Capital BDC Inc. (NYSE:PSBD)’s share price shot up 0.3% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $14.19 and last traded at $14.07. 28,277 shares traded hands during trading, a decline of 29% from the average session volume of 39,693 shares. The stock had previously closed at $14.03.

The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $31.68 million for the quarter, compared to analyst estimates of $30.29 million. Palmer Square Capital BDC had a net margin of 11.72% and a return on equity of 11.04%.

Analysts Set New Price Targets

PSBD has been the topic of several recent research reports. Royal Bank Of Canada reduced their target price on shares of Palmer Square Capital BDC from $17.00 to $15.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Wall Street Zen raised shares of Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a report on Friday, June 27th. UBS Group reaffirmed a “neutral” rating and set a $14.50 target price on shares of Palmer Square Capital BDC in a report on Wednesday, July 16th. JPMorgan Chase & Co. reduced their target price on shares of Palmer Square Capital BDC from $16.00 to $13.50 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Finally, Oppenheimer lowered shares of Palmer Square Capital BDC from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $17.00 to $14.00 in a report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Palmer Square Capital BDC has an average rating of “Hold” and a consensus target price of $14.25.

Institutional Investors Weigh In On Palmer Square Capital BDC

Several institutional investors have recently added to or reduced their stakes in PSBD. Cubist Systematic Strategies LLC boosted its position in Palmer Square Capital BDC by 995.9% during the 4th quarter. Cubist Systematic Strategies LLC now owns 2,433 shares of the company’s stock valued at $37,000 after buying an additional 2,211 shares during the period. Wells Fargo & Company MN boosted its position in Palmer Square Capital BDC by 271.5% during the 4th quarter. Wells Fargo & Company MN now owns 7,501 shares of the company’s stock valued at $114,000 after buying an additional 5,482 shares during the period. Gibson Capital LLC purchased a new stake in Palmer Square Capital BDC during the 2nd quarter valued at $174,000. Jane Street Group LLC purchased a new stake in shares of Palmer Square Capital BDC in the 1st quarter worth about $360,000. Finally, Atwood & Palmer Inc. purchased a new stake in shares of Palmer Square Capital BDC in the 1st quarter worth about $453,000. Hedge funds and other institutional investors own 6.52% of the company’s stock.

Palmer Square Capital BDC Stock Performance

The company’s 50-day moving average price is $14.05 and its 200 day moving average price is $14.20. The stock has a market capitalization of $455.49 million, a PE ratio of 28.14 and a beta of 0.82.

Palmer Square Capital BDC Company Profile

Palmer Square Capital BDC Inc is an externally managed, non-diversified closed-end management investment company which primarily lends to and invests in corporate debt securities, including small to large private U.S. companies and has elected to be regulated as a business development company. Palmer Square Capital BDC Inc is based in MISSION WOODS, Kan.