Palmer Square Capital BDC (NYSE:PSBD) Stock Price Up 0.3% Following Better-Than-Expected Earnings

Key Points

• Palmer Square Capital BDC's stock price rose by 0.3% following a better-than-expected earnings report, with earnings per share of $0.43 exceeding analyst estimates of $0.41.
• The company announced a quarterly dividend of $0.36 per share, representing an annualized dividend of $1.44 and a yield of 10.2%.
• Analysts have adjusted their price targets for Palmer Square Capital BDC, with Oppenheimer lowering its target from $17.00 to $14.00, reflecting a cautious outlook on the stock.

Palmer Square Capital BDC Inc. (NYSE:PSBD - Get Free Report)'s stock price was up 0.3% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $14.19 and last traded at $14.07. Approximately 28,277 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 39,693 shares. The stock had previously closed at $14.03.

The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.02. The business had revenue of $31.68 million for the quarter, compared to analyst estimates of $30.29 million. Palmer Square Capital BDC had a return on equity of 11.04% and a net margin of 11.72%.

Palmer Square Capital BDC Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 14th. Shareholders of record on Friday, June 27th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 10.2%. The ex-dividend date was Friday, June 27th. Palmer Square Capital BDC's payout ratio is currently 288.00%.

Analysts Set New Price Targets

Several research analysts have recently commented on PSBD shares. Oppenheimer lowered shares of Palmer Square Capital BDC from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $17.00 to $14.00 in a report on Friday, May 9th. JPMorgan Chase & Co. cut their target price on shares of Palmer Square Capital BDC from $16.00 to $13.50 and set an "overweight" rating for the company in a research note on Thursday, April 24th. 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. Royal Bank Of Canada dropped their price target on 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. Finally, UBS Group restated a "neutral" rating and set a $14.50 price objective on shares of Palmer Square Capital BDC in a research report on Wednesday, July 16th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $14.25.

Hedge Funds Weigh In On Palmer Square Capital BDC

Hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. lifted its stake in Palmer Square Capital BDC by 72.0% in the 4th quarter. Franklin Resources Inc. now owns 57,866 shares of the company's stock valued at $880,000 after purchasing an additional 24,232 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Palmer Square Capital BDC by 271.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,501 shares of the company's stock worth $114,000 after acquiring an additional 5,482 shares in the last quarter. Mariner LLC increased its position in shares of Palmer Square Capital BDC by 97.7% during the fourth quarter. Mariner LLC now owns 2,275,470 shares of the company's stock worth $34,587,000 after acquiring an additional 1,124,766 shares in the last quarter. Bienville Capital Management LLC grew its stake in shares of Palmer Square Capital BDC by 61.9% in the 4th quarter. Bienville Capital Management LLC now owns 676,406 shares of the company's stock worth $10,606,000 after acquiring an additional 258,643 shares in the last quarter. Finally, 1248 Management LLC bought a new position in Palmer Square Capital BDC in the 4th quarter valued at $34,064,000. 6.52% of the stock is owned by institutional investors.

Palmer Square Capital BDC Trading Up 0.3%

The business has a 50-day moving average price of $14.05 and a 200 day moving average price of $14.20. The stock has a market cap of $455.45 million, a PE ratio of 28.14 and a beta of 0.82.

Palmer Square Capital BDC Company 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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