1248 Management LLC Grows Position in Palmer Square Capital BDC Inc. $PSBD

Key Points

• 1248 Management LLC increased its stake in Palmer Square Capital BDC by 36.0%, owning approximately 9.13% of the company, making it the largest position in their portfolio.
• Recent analyst ratings indicate a consensus rating of "Moderate Buy" for Palmer Square Capital BDC, with a price target averaging $14.38.
• The company announced a quarterly dividend of $0.36 per share, resulting in an annualized dividend yield of 10.6%.

1248 Management LLC boosted its holdings in Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) by 36.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,954,713 shares of the company's stock after buying an additional 782,271 shares during the quarter. Palmer Square Capital BDC makes up approximately 16.4% of 1248 Management LLC's investment portfolio, making the stock its largest position. 1248 Management LLC owned 9.13% of Palmer Square Capital BDC worth $40,509,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PSBD. Bank of America Corp DE raised its holdings 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 during the last quarter. Citadel Advisors LLC raised its holdings in 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 last quarter. Cubist Systematic Strategies LLC raised its holdings in Palmer Square Capital BDC by 995.9% during the 4th quarter. Cubist Systematic Strategies LLC now owns 2,433 shares of the company's stock worth $37,000 after purchasing an additional 2,211 shares during the last quarter. Pandi LLC bought a new position in Palmer Square Capital BDC during the 4th quarter worth approximately $13,860,000. Finally, Confluence Investment Management LLC raised its holdings in Palmer Square Capital BDC by 1.0% during the 1st quarter. Confluence Investment Management LLC now owns 105,639 shares of the company's stock worth $1,407,000 after purchasing an additional 1,093 shares during the last quarter. Institutional investors own 6.52% of the company's stock.

Palmer Square Capital BDC Trading Down 0.3%

NYSE PSBD traded down $0.04 during mid-day trading on Friday, hitting $13.60. The company's stock had a trading volume of 42,740 shares, compared to its average volume of 86,248. The company's 50 day simple moving average is $13.93 and its 200 day simple moving average is $13.85. Palmer Square Capital BDC Inc. has a twelve month low of $11.51 and a twelve month high of $16.44. The firm has a market capitalization 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 (EPS) 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 the consensus estimate of $30.29 million. As a group, research analysts forecast that Palmer Square Capital BDC Inc. will post 1.96 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Friday, September 26th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 10.6%. The ex-dividend date of this dividend is Friday, September 26th. Palmer Square Capital BDC's payout ratio is currently 257.14%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. UBS Group restated a "neutral" rating and set a $14.50 price target on shares of Palmer Square Capital BDC in a report on Wednesday, July 16th. JPMorgan Chase & Co. raised their price target on shares of Palmer Square Capital BDC from $13.00 to $14.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on shares of Palmer Square Capital BDC from $17.00 to $15.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, Wall Street Zen upgraded shares of Palmer Square Capital BDC from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently 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.