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

Palmer Square Capital BDC Inc. (NYSE:PSBD) was the recipient of a significant increase in short interest in 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 currently 3.2 days. Based on an average daily trading volume, of 80,877 shares, the days-to-cover ratio is currently 3.2 days. Approximately 0.8% of the company’s stock are sold short.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PSBD shares. UBS Group lowered 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. Royal Bank Of Canada reduced their target price on shares of Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. lowered their target price on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a report on Friday. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.88.

Hedge Funds Weigh In On Palmer Square Capital BDC

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

Palmer Square Capital BDC Trading Down 2.7%

Shares of NYSE PSBD traded down $0.29 during midday 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 fifty-two week low of $10.10 and a fifty-two week high of $15.30. The stock has a market capitalization of $321.98 million, a price-to-earnings ratio of -93.82 and a beta of 0.78. The stock has a 50 day simple moving average of $11.44 and a 200-day simple moving average of $12.18.

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

Palmer Square Capital BDC Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, March 27th. This represents a $1.44 annualized dividend and a yield of 14.0%. Palmer Square Capital BDC’s payout ratio is -1,309.09%.

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.