Confluence Investment Management LLC Cuts Stake in Palmer Square Capital BDC Inc. $PSBD

Key Points

• Confluence Investment Management LLC significantly reduced its stake in Palmer Square Capital BDC Inc. by 79.5% during the second quarter, now owning about 0.07% of the company.
• Palmer Square Capital BDC declared a quarterly dividend of $0.36 per share, with an annualized dividend yield of 10.6%.
• Analysts have mixed ratings for the stock, with price targets ranging from $13.00 to $15.00, reflecting expectations of moderate growth.

Confluence Investment Management LLC lowered its stake in shares of Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) by 79.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,698 shares of the company's stock after selling 83,941 shares during the period. Confluence Investment Management LLC owned about 0.07% of Palmer Square Capital BDC worth $303,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of PSBD. Pandi LLC purchased a new stake in shares of Palmer Square Capital BDC during the fourth quarter worth about $13,860,000. 1248 Management LLC increased its stake in shares of Palmer Square Capital BDC by 36.0% during the first quarter. 1248 Management LLC now owns 2,954,713 shares of the company's stock worth $40,509,000 after purchasing an additional 782,271 shares in the last quarter. Sunesis Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the first quarter worth about $6,287,000. Hennion & Walsh Asset Management Inc. increased its stake in shares of Palmer Square Capital BDC by 91.4% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 160,740 shares of the company's stock worth $2,141,000 after purchasing an additional 76,743 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in 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 valued at $3,988,000 after acquiring an additional 45,519 shares in the last quarter. Hedge funds and other institutional investors own 6.52% of the company's stock.

Palmer Square Capital BDC Price Performance

Palmer Square Capital BDC stock opened at $13.60 on Monday. The firm has a 50 day simple moving average of $13.93 and a 200-day simple moving average of $13.85. Palmer Square Capital BDC Inc. has a 1-year low of $11.51 and a 1-year high of $16.44. The stock has a market cap of $436.97 million, a price-to-earnings ratio of 24.29 and a beta of 0.82.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. Palmer Square Capital BDC had a net margin of 13.51% and a return on equity of 10.91%. The business had revenue of $31.68 million during the quarter, compared to analysts' expectations of $30.29 million. Equities analysts expect 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Friday, September 26th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $1.44 annualized dividend and a dividend yield of 10.6%. Palmer Square Capital BDC's dividend payout ratio is 257.14%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. UBS Group reaffirmed a "neutral" rating and set a $14.50 price objective on shares of Palmer Square Capital BDC in a research note on Wednesday, July 16th. JPMorgan Chase & Co. upped their price objective on shares of 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. Wall Street Zen raised shares of Palmer Square Capital BDC from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Finally, Royal Bank Of Canada dropped their price objective on shares of 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. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Palmer Square Capital BDC has an average rating of "Moderate Buy" and a consensus price target of $14.38.

Palmer Square Capital BDC 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.

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