Palmer Square Capital BDC Inc. $PSBD Shares Bought by 1248 Management LLC

Key Points

• 1248 Management LLC increased its stake in Palmer Square Capital BDC by 23.2%, now owning a total of 2,676,350 shares, making it the fund's largest holding.
• Palmer Square Capital BDC recently announced a quarterly dividend of $0.36, which results in an annualized dividend yield of 10.1%.
• Wall Street analysts have given Palmer Square Capital BDC a consensus rating of "Moderate Buy" with a target price of $14.38.

1248 Management LLC lifted its position in shares of Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) by 23.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,676,350 shares of the company's stock after purchasing an additional 503,908 shares during the quarter. Palmer Square Capital BDC comprises approximately 20.1% of 1248 Management LLC's holdings, making the stock its largest holding. 1248 Management LLC owned approximately 8.27% of Palmer Square Capital BDC worth $36,693,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sunesis Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the 1st quarter worth about $6,287,000. Bank of America Corp DE grew its holdings in shares of Palmer Square Capital BDC by 21.0% during the 4th quarter. Bank of America Corp DE now owns 262,383 shares of the company's stock worth $3,988,000 after purchasing an additional 45,519 shares during the period. Citadel Advisors LLC grew its holdings in shares of Palmer Square Capital BDC by 32.9% during the 4th quarter. Citadel Advisors LLC now owns 42,203 shares of the company's stock worth $641,000 after purchasing an additional 10,457 shares during the period. Pandi LLC purchased a new stake in shares of Palmer Square Capital BDC during the 4th quarter worth about $13,860,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Palmer Square Capital BDC by 271.5% during the 4th quarter. Wells Fargo & Company MN now owns 7,501 shares of the company's stock worth $114,000 after purchasing an additional 5,482 shares during the period. Hedge funds and other institutional investors own 6.52% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PSBD. Wall Street Zen upgraded Palmer Square Capital BDC from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. increased their target price on Palmer Square Capital BDC from $13.00 to $14.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Royal Bank Of Canada lowered their target price on Palmer Square Capital BDC from $17.00 to $15.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Oppenheimer lowered Palmer Square Capital BDC from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $17.00 to $14.00 in a research note on Friday, May 9th. Finally, UBS Group reiterated a "neutral" rating and issued a $14.50 target price on shares of Palmer Square Capital BDC in a research note on Wednesday, July 16th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $14.38.

Palmer Square Capital BDC Price Performance

PSBD traded up $0.03 on Friday, reaching $13.87. The company's stock had a trading volume of 47,553 shares, compared to its average volume of 97,305. The stock has a market cap of $445.48 million, a price-to-earnings ratio of 24.76 and a beta of 0.82. Palmer Square Capital BDC Inc. has a 1 year low of $11.51 and a 1 year high of $16.82. The business's 50 day moving average is $13.96 and its 200 day moving average is $13.93.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.02. The firm had revenue of $31.68 million during the quarter, compared to the consensus estimate of $30.29 million. Palmer Square Capital BDC had a return on equity of 10.91% and a net margin of 13.51%. As a group, research analysts forecast 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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Friday, September 26th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $1.44 dividend on an annualized basis and a yield of 10.4%. Palmer Square Capital BDC's dividend payout ratio is currently 257.14%.

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.