Short Interest in Palmer Square Capital BDC Inc. (NYSE:PSBD) Increases By 35.7%

Palmer Square Capital BDC Inc. (NYSE:PSBD) saw a large increase in short interest during the month of February. As of February 27th, there was short interest totaling 260,911 shares, an increase of 35.7% from the February 12th total of 192,232 shares. Approximately 0.8% of the company’s stock are sold short. Based on an average daily trading volume, of 80,877 shares, the days-to-cover ratio is presently 3.2 days. Based on an average daily trading volume, of 80,877 shares, the days-to-cover ratio is presently 3.2 days. Approximately 0.8% of the company’s stock are sold short.

Palmer Square Capital BDC Trading Down 2.7%

Shares of PSBD traded down $0.29 during mid-day trading on Friday, reaching $10.32. The company’s stock had a trading volume of 114,636 shares, compared to its average volume of 81,909. Palmer Square Capital BDC has a 1-year low of $10.10 and a 1-year high of $15.30. The business has a 50-day simple moving average of $11.44 and a two-hundred day simple moving average of $12.18. The stock has a market cap of $321.98 million, a P/E ratio of -93.82 and a beta of 0.78.

Palmer Square Capital BDC (NYSE:PSBD) last posted its earnings results on Thursday, February 26th. The company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). Palmer Square Capital BDC had a positive return on equity of 10.82% and a negative net margin of 2.55%.The business had revenue of ($0.31) million for the quarter, compared to analyst estimates of $30.11 million. Research analysts anticipate that Palmer Square Capital BDC will post 1.96 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Friday, March 27th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 14.0%. The ex-dividend date of this dividend is Friday, March 27th. Palmer Square Capital BDC’s payout ratio is -1,309.09%.

Hedge Funds Weigh In On Palmer Square Capital BDC

Several large investors have recently modified their holdings of the stock. Rivernorth Capital Management LLC acquired a new stake in shares of Palmer Square Capital BDC during the 4th quarter worth about $7,077,000. Bank of America Corp DE grew its stake in Palmer Square Capital BDC by 22.1% in the 3rd quarter. Bank of America Corp DE now owns 367,035 shares of the company’s stock valued at $4,504,000 after buying an additional 66,460 shares during the last quarter. Sunesis Advisors LLC acquired a new position in Palmer Square Capital BDC in the 3rd quarter valued at about $3,668,000. Closed End Fund Advisors Inc. bought a new position in Palmer Square Capital BDC in the 4th quarter valued at about $2,686,000. Finally, Renaissance Technologies LLC raised its holdings in Palmer Square Capital BDC by 18.8% in the 4th quarter. Renaissance Technologies LLC now owns 183,000 shares of the company’s stock valued at $2,231,000 after acquiring an additional 28,900 shares during the period. 6.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on PSBD. Royal Bank Of Canada lowered their target price on shares of Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Thursday, March 5th. JPMorgan Chase & Co. cut their price target on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Friday. Finally, UBS Group decreased their price objective on shares of Palmer Square Capital BDC from $13.00 to $11.50 and set a “neutral” rating for the company in a research report on Friday. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.88.

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.