Palmer Square Capital BDC (NYSE:PSBD) Stock Price Up 2.1% – Here’s Why

Palmer Square Capital BDC Inc. (NYSE:PSBD) rose 2.1% during trading on Monday . The stock traded as high as $10.43 and last traded at $10.3250. Approximately 253,486 shares traded hands during mid-day trading, an increase of 253% from the average daily volume of 71,826 shares. The stock had previously closed at $10.11.

Wall Street Analyst Weigh In

PSBD has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their price objective on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a report on Friday, March 13th. Royal Bank Of Canada reduced their price objective on Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Thursday, March 5th. Finally, UBS Group reduced their price objective on Palmer Square Capital BDC from $13.00 to $11.50 and set a “neutral” rating for the company in a report on Friday, March 13th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Palmer Square Capital BDC currently has a consensus rating of “Hold” and a consensus target price of $11.88.

Palmer Square Capital BDC Trading Up 2.0%

The stock has a 50 day simple moving average of $10.71 and a 200-day simple moving average of $11.65. The firm has a market capitalization of $334.31 million, a P/E ratio of -97.41 and a beta of 0.70.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The firm had revenue of ($0.31) million for the quarter, compared to the consensus estimate of $30.11 million. Palmer Square Capital BDC had a negative net margin of 2.55% and a positive return on equity of 10.82%. As a group, sell-side analysts expect that Palmer Square Capital BDC Inc. will post 1.96 earnings per share for the current fiscal year.

Palmer Square Capital BDC Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Friday, March 27th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.4%. The ex-dividend date was Friday, March 27th. Palmer Square Capital BDC’s payout ratio is currently -1,309.09%.

Institutional Investors Weigh In On Palmer Square Capital BDC

Large investors have recently made changes to their positions in the company. Evolution Wealth Management Inc. bought a new stake in shares of Palmer Square Capital BDC during the 3rd quarter valued at about $71,000. Harbour Investments Inc. bought a new position in shares of Palmer Square Capital BDC during the 4th quarter valued at approximately $85,000. Citadel Advisors LLC bought a new position in shares of Palmer Square Capital BDC during the 3rd quarter valued at approximately $230,000. Prime Capital Investment Advisors LLC bought a new position in shares of Palmer Square Capital BDC during the 3rd quarter valued at approximately $301,000. Finally, Clear Harbor Asset Management LLC bought a new position in shares of Palmer Square Capital BDC during the 4th quarter valued at approximately $305,000. 6.52% of the stock is currently owned by institutional investors.

About Palmer Square Capital BDC

Palmer Square Capital BDC Inc (NYSE: PSBD) is a closed-end, externally managed business development company that provides customized financing solutions to middle-market companies in the United States. The firm offers a broad range of debt and equity products—including first-lien and second-lien senior secured loans, unitranche financings, mezzanine debt and equity co-investments—to support corporate acquisitions, refinancings, growth initiatives and balance sheet restructurings.

PSBD primarily targets established privately owned and sponsored businesses across diverse industries such as healthcare, business services, industrials and consumer products.