Palmer Square Capital BDC (NYSE:PSBD) Trading Down 0.4% – Here’s What Happened

Palmer Square Capital BDC Inc. (NYSE:PSBD)’s stock price dropped 0.4% during mid-day trading on Wednesday . The stock traded as low as $13.80 and last traded at $13.87. Approximately 115,271 shares changed hands during mid-day trading, an increase of 51% from the average daily volume of 76,516 shares. The stock had previously closed at $13.92.

Analyst Upgrades and Downgrades

PSBD has been the subject of several analyst reports. Oppenheimer lowered Palmer Square Capital BDC from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $17.00 to $14.00 in a research note on Friday, May 9th. Wall Street Zen upgraded Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a research report on Friday, June 27th. Royal Bank Of Canada lowered their price target on Palmer Square Capital BDC from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. UBS Group reissued a “neutral” rating and issued a $14.50 price objective on shares of Palmer Square Capital BDC in a research note on Wednesday, July 16th. Finally, JPMorgan Chase & Co. lifted their target price on Palmer Square Capital BDC from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Palmer Square Capital BDC currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.38.

Palmer Square Capital BDC Price Performance

The firm has a market capitalization of $445.48 million, a P/E ratio of 24.76 and a beta of 0.82. The stock’s fifty day simple moving average is $14.03 and its 200 day simple moving average is $14.02.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. The business 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 13.51% and a return on equity of 10.91%. As a group, sell-side analysts forecast that Palmer Square Capital BDC Inc. will post 1.96 EPS for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Friday, September 26th will be issued a dividend of $0.36 per share. The ex-dividend date is Friday, September 26th. This represents a $1.44 annualized dividend and a dividend yield of 10.4%. Palmer Square Capital BDC’s dividend payout ratio is 257.14%.

Institutional Trading of Palmer Square Capital BDC

Institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC increased its stake 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 purchasing an additional 2,211 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Palmer Square Capital BDC by 271.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,501 shares of the company’s stock valued at $114,000 after purchasing an additional 5,482 shares during the period. Gibson Capital LLC purchased a new position in shares of Palmer Square Capital BDC in the second quarter worth about $174,000. Jane Street Group LLC acquired a new stake in shares of Palmer Square Capital BDC during the first quarter worth about $360,000. Finally, Atwood & Palmer Inc. acquired a new stake in shares of Palmer Square Capital BDC during the first quarter worth about $453,000. 6.52% of the stock is currently owned by institutional investors and hedge funds.

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.