Confluence Investment Management LLC Cuts Stock Position 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 cut its holdings in Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) by 79.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,698 shares of the company's stock after selling 83,941 shares during the quarter. Confluence Investment Management LLC owned approximately 0.07% of Palmer Square Capital BDC worth $303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSBD. Bank of America Corp DE lifted its stake in Palmer Square Capital BDC by 21.0% in the 4th quarter. Bank of America Corp DE now owns 262,383 shares of the company's stock valued at $3,988,000 after buying an additional 45,519 shares in the last quarter. Citadel Advisors LLC lifted its stake in Palmer Square Capital BDC by 32.9% in the 4th quarter. Citadel Advisors LLC now owns 42,203 shares of the company's stock valued at $641,000 after buying an additional 10,457 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Palmer Square Capital BDC by 995.9% in the 4th quarter. Cubist Systematic Strategies LLC now owns 2,433 shares of the company's stock valued at $37,000 after buying an additional 2,211 shares in the last quarter. Pandi LLC purchased a new stake in Palmer Square Capital BDC in the 4th quarter valued at approximately $13,860,000. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in Palmer Square Capital BDC by 91.4% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 160,740 shares of the company's stock valued at $2,141,000 after buying an additional 76,743 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

NYSE:PSBD traded down $0.12 during trading hours on Friday, reaching $13.46. 12,042 shares of the company were exchanged, compared to its average volume of 45,051. The firm has a market cap of $432.42 million, a price-to-earnings ratio of 24.04 and a beta of 0.82. Palmer Square Capital BDC Inc. has a 52-week low of $11.51 and a 52-week high of $16.43. The stock has a 50 day simple moving average of $13.89 and a 200 day simple moving average of $13.82.

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, topping analysts' consensus estimates of $0.41 by $0.02. The company had revenue of $31.68 million for the quarter, compared to the consensus estimate of $30.29 million. Palmer Square Capital BDC had a net margin of 13.51% and a return on equity of 10.91%. On average, analysts predict that Palmer Square Capital BDC Inc. will post 1.96 EPS for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Friday, September 26th will be paid a dividend of $0.36 per share. 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 10.7%. Palmer Square Capital BDC's dividend payout ratio (DPR) is currently 257.14%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PSBD shares. UBS Group reaffirmed 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. Royal Bank Of Canada decreased their target price on shares of Palmer Square Capital BDC from $17.00 to $15.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Wall Street Zen upgraded shares of Palmer Square Capital BDC from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Finally, JPMorgan Chase & Co. raised their target price on shares of Palmer Square Capital BDC from $13.00 to $14.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $14.38.

About Palmer Square Capital BDC

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.