Bienville Capital Management LLC Sells 99,843 Shares of Palmer Square Capital BDC Inc. $PSBD

Key Points

• Bienville Capital Management cut its Palmer Square Capital BDC stake by 19% in the second quarter, selling 99,843 shares and retaining 425,379 shares valued at approximately $4.62 million. Institutional investors and hedge funds collectively own 6.52% of PSBD.
• Palmer Square Capital BDC reported quarterly EPS of $0.27, below the $0.43 analyst consensus, while revenue of $13.06 million also missed the $25.97 million estimate. The stock opened at $10.23, near its 52-week low range.
• The company declared a quarterly dividend of $0.36, equivalent to an annualized $1.44 and a 14.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $10.50, while insider Martin C. Bicknell increased his holdings by purchasing 40,000 shares.

Bienville Capital Management LLC lowered its holdings in shares of Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) by 19.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 425,379 shares of the company's stock after selling 99,843 shares during the period. Bienville Capital Management LLC owned about 1.39% of Palmer Square Capital BDC worth $4,622,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Millennium Management LLC boosted its stake in Palmer Square Capital BDC by 2.0% during the third quarter. Millennium Management LLC now owns 134,249 shares of the company's stock worth $1,647,000 after acquiring an additional 2,638 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in shares of Palmer Square Capital BDC during the first quarter valued at approximately $33,000. Harbour Investments Inc. purchased a new position in shares of Palmer Square Capital BDC during the fourth quarter valued at approximately $85,000. Trexquant Investment LP grew its holdings in Palmer Square Capital BDC by 17.6% during the fourth quarter. Trexquant Investment LP now owns 50,118 shares of the company's stock worth $611,000 after buying an additional 7,496 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in Palmer Square Capital BDC by 5.0% during the second quarter. Bank of America Corp DE now owns 300,575 shares of the company's stock worth $4,196,000 after buying an additional 14,220 shares in the last quarter. 6.52% of the stock is owned by institutional investors and hedge funds.

Palmer Square Capital BDC Price Performance

Palmer Square Capital BDC stock opened at $10.23 on Thursday. The firm has a market capitalization of $313.58 million, a P/E ratio of -10.33 and a beta of 0.87. Palmer Square Capital BDC Inc. has a one year low of $9.34 and a one year high of $13.93. The business has a fifty day moving average price of $10.17 and a 200-day moving average price of $10.48.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.16). The company had revenue of $13.06 million for the quarter, compared to the consensus estimate of $25.97 million. Palmer Square Capital BDC had a negative net margin of 26.73% and a positive return on equity of 11.22%. Sell-side analysts expect that Palmer Square Capital BDC Inc. will post 1.5 earnings per share for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Friday, September 25th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.1%. The ex-dividend date is Friday, September 25th. Palmer Square Capital BDC's dividend payout ratio (DPR) is -145.45%.

Insider Activity at Palmer Square Capital BDC

In other news, major shareholder Martin C. Bicknell acquired 40,000 shares of Palmer Square Capital BDC stock in a transaction that occurred on Monday, July 6th. The stock was bought at an average price of $10.56 per share, with a total value of $422,400.00. Following the completion of the purchase, the insider owned 351,988 shares in the company, valued at approximately $3,716,993.28. The trade was a 12.82% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PSBD. UBS Group decreased their price target on Palmer Square Capital BDC from $11.00 to $10.00 and set a "neutral" rating for the company in a research report on Tuesday, September 1st. Wall Street Zen raised Palmer Square Capital BDC from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. dropped their price target on Palmer Square Capital BDC from $10.00 to $9.50 and set a "neutral" rating on the stock in a research report on Thursday, July 2nd. Noble Financial began coverage on Palmer Square Capital BDC in a research note on Wednesday, June 24th. They set a "neutral" rating for the company. Finally, Royal Bank Of Canada decreased their price objective on Palmer Square Capital BDC from $12.00 to $11.00 and set a "sector perform" rating for the company in a report on Wednesday, May 27th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.50.

Palmer Square Capital BDC Company Profile

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.

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