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

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 increased its stake in Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) by 36.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,954,713 shares of the company's stock after acquiring an additional 782,271 shares during the quarter. Palmer Square Capital BDC makes up about 16.4% of 1248 Management LLC's portfolio, making the stock its biggest holding. 1248 Management LLC owned 9.13% of Palmer Square Capital BDC worth $40,509,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Confluence Investment Management LLC increased its stake in shares of Palmer Square Capital BDC by 1.0% during the first 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 in the last quarter. Cubist Systematic Strategies LLC increased its stake 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 buying an additional 2,211 shares in the last quarter. Citadel Advisors LLC raised its holdings in shares of Palmer Square Capital BDC by 32.9% during the fourth quarter. Citadel Advisors LLC now owns 42,203 shares of the company's stock valued at $641,000 after acquiring an additional 10,457 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Palmer Square Capital BDC in the first quarter valued at approximately $360,000. Finally, Arlington Partners LLC boosted its stake in shares of Palmer Square Capital BDC by 11.1% in the first quarter. Arlington Partners LLC now owns 333,765 shares of the company's stock worth $4,446,000 after acquiring an additional 33,276 shares during the last quarter. 6.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on PSBD shares. UBS Group reissued a "neutral" rating and issued a $14.50 price objective on shares of Palmer Square Capital BDC in a research note on Wednesday, July 16th. Royal Bank Of Canada reduced their target price on shares of Palmer Square Capital BDC from $17.00 to $15.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. JPMorgan Chase & Co. boosted 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 research report on Thursday, August 7th. Finally, 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. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $14.38.

Palmer Square Capital BDC Trading Up 0.0%

PSBD traded up $0.01 during mid-day trading on Wednesday, hitting $13.51. 30,007 shares of the stock were exchanged, compared to its average volume of 45,125. The firm's fifty day moving average is $13.91 and its two-hundred day moving average is $13.84. Palmer Square Capital BDC Inc. has a 1-year low of $11.51 and a 1-year high of $16.44. The company has a market cap of $433.92 million, a PE ratio of 24.12 and a beta of 0.82.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last released its 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. The company 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 anticipate that Palmer Square Capital BDC Inc. will post 1.96 earnings per share for the current year.

Palmer Square Capital BDC Dividend Announcement

The firm also recently announced 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. The ex-dividend date 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 is 257.14%.

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.