Palmer Square Capital BDC Inc. (NYSE:PSBD) Short Interest Down 44.1% in August

Palmer Square Capital BDC Inc. (NYSE:PSBD) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 16,700 shares, a decline of 44.1% from the August 15th total of 29,900 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily volume of 28,000 shares, the days-to-cover ratio is presently 0.6 days.

Analyst Ratings Changes

Separately, Royal Bank of Canada reissued an “outperform” rating and set a $17.00 target price on shares of Palmer Square Capital BDC in a research note on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.93.

Palmer Square Capital BDC Price Performance

PSBD stock opened at $16.34 on Friday. The company’s 50-day moving average price is $16.32 and its 200 day moving average price is $16.39. Palmer Square Capital BDC has a 52 week low of $15.27 and a 52 week high of $17.12.

Palmer Square Capital BDC (NYSE:PSBD) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.03). Palmer Square Capital BDC had a return on equity of 16.13% and a net margin of 64.65%. The firm had revenue of $36.55 million for the quarter, compared to analysts’ expectations of $36.27 million. On average, research analysts expect that Palmer Square Capital BDC will post 1.97 earnings per share for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 14th. Stockholders of record on Friday, September 27th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 10.28%. The ex-dividend date of this dividend is Friday, September 27th.

Institutional Investors Weigh In On Palmer Square Capital BDC

Institutional investors and hedge funds have recently made changes to their positions in the business. Apollo Management Holdings L.P. purchased a new position in Palmer Square Capital BDC during the 1st quarter valued at about $9,713,000. Confluence Investment Management LLC grew its position in shares of Palmer Square Capital BDC by 70.5% in the second quarter. Confluence Investment Management LLC now owns 85,240 shares of the company’s stock valued at $1,377,000 after purchasing an additional 35,240 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Palmer Square Capital BDC in the first quarter valued at approximately $1,032,000. Marble Harbor Investment Counsel LLC purchased a new position in shares of Palmer Square Capital BDC during the 2nd quarter worth approximately $315,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Palmer Square Capital BDC during the 2nd quarter worth approximately $173,000. 6.52% of the stock is currently owned by hedge funds and other institutional investors.

About Palmer Square Capital BDC

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.