Squarepoint Ops LLC Acquires New Stake in Palmer Square Capital BDC Inc. $PSBD

Key Points

• Squarepoint Ops LLC acquired 130,704 shares of Palmer Square Capital BDC during the second quarter, valued at approximately $1.36 million and representing about 0.43% of the company. Institutional investors collectively own 6.52% of PSBD.
• PSBD reported quarterly earnings of $0.27 per share, missing the $0.43 analyst consensus, while revenue of $27.3 million exceeded expectations. Shares recently traded at $10.26.
• The company declared a quarterly dividend of $0.36 per share, or $1.44 annualized, implying a 14.0% yield. Analysts maintain a consensus “Hold” rating with a $10.50 price target.

Squarepoint Ops LLC acquired a new stake in Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 130,704 shares of the company's stock, valued at approximately $1,362,000. Squarepoint Ops LLC owned approximately 0.43% of Palmer Square Capital BDC as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of PSBD. OV Management LLC acquired a new stake in shares of Palmer Square Capital BDC in the second quarter valued at about $38,867,000. Bank of America Corp DE boosted its position in Palmer Square Capital BDC by 10.9% during the first quarter. Bank of America Corp DE now owns 576,931 shares of the company's stock worth $5,637,000 after acquiring an additional 56,547 shares during the last quarter. Rivernorth Capital Management LLC boosted its position in Palmer Square Capital BDC by 43.8% during the first quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company's stock worth $8,154,000 after acquiring an additional 254,061 shares during the last quarter. NewGen Asset Management Ltd purchased a new stake in Palmer Square Capital BDC during the 1st quarter valued at about $720,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in Palmer Square Capital BDC in the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 6.52% of the company's stock.

Palmer Square Capital BDC Trading Up 0.7%

Shares of PSBD opened at $10.26 on Thursday. Palmer Square Capital BDC Inc. has a 12-month low of $9.34 and a 12-month high of $13.93. The firm has a market capitalization of $314.35 million, a P/E ratio of -10.36 and a beta of 0.87. The firm has a 50-day moving average price of $10.14 and a 200 day moving average price of $10.46.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.16). The firm had revenue of $27.30 million for the quarter, compared to analysts' expectations of $25.97 million. Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%. Equities research analysts predict that Palmer Square Capital BDC Inc. will post 1.5 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 13th. Stockholders of record on Friday, September 25th will be issued a dividend of $0.36 per share. The ex-dividend date is Friday, September 25th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.0%. Palmer Square Capital BDC's dividend payout ratio (DPR) is currently -145.45%.

Wall Street Analysts Forecast Growth

PSBD has been the topic of a number of research reports. UBS Group decreased their target price on shares of Palmer Square Capital BDC from $11.00 to $10.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 1st. Wall Street Zen upgraded Palmer Square Capital BDC from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Wells Fargo & Company set a $11.50 price target on Palmer Square Capital BDC in a report on Wednesday, June 24th. Royal Bank Of Canada cut their price target 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. Finally, JPMorgan Chase & Co. reduced their price objective 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. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Palmer Square Capital BDC currently has a consensus rating of "Hold" and a consensus price target of $10.50.

Insider Activity at Palmer Square Capital BDC

In other news, major shareholder Martin C. Bicknell purchased 21,484 shares of Palmer Square Capital BDC stock in a transaction dated Tuesday, July 7th. The shares were purchased at an average price of $10.47 per share, with a total value of $224,937.48. Following the transaction, the insider owned 373,472 shares in the company, valued at $3,910,251.84. This represents a 6.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.10% of the company's stock.

Palmer Square Capital BDC Profile

Palmer Square Capital BDC, Inc is a business development company that invests in privately held middle-market companies. The company seeks to generate current income and, to a lesser extent, capital appreciation through investments in corporate debt and related securities.

Its portfolio is primarily focused on senior secured loans, including first-lien and unitranche loans, issued by companies operating across a range of industries. Palmer Square Capital BDC may also invest in subordinated debt, unsecured debt, warrants and equity securities when appropriate.

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