Palmer Square Capital BDC (NYSE:PSBD) Trading 0.3% Higher on Earnings Beat

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) shares were up 0.3% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $14.19 and last traded at $14.07. Approximately 28,277 shares were traded 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 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $31.68 million during the quarter, compared to analyst estimates of $30.29 million. Palmer Square Capital BDC had a net margin of 13.51% and a return on equity of 10.91%.

Palmer Square Capital BDC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Friday, September 26th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 10.5%. The ex-dividend date of this dividend is Friday, September 26th. Palmer Square Capital BDC's payout ratio is presently 257.14%.

Analyst Ratings Changes

Several equities research analysts recently commented on PSBD shares. Royal Bank Of Canada cut 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. UBS Group reaffirmed a "neutral" rating and set a $14.50 target price on shares of Palmer Square Capital BDC in a report on Wednesday, July 16th. JPMorgan Chase & Co. upped 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 report on Thursday. Wall Street Zen raised shares of Palmer Square Capital BDC from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, Oppenheimer lowered shares of Palmer Square Capital BDC from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $17.00 to $14.00 in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $14.38.

Institutional Investors Weigh In On Palmer Square Capital BDC

Hedge funds have recently modified their holdings of the company. 1248 Management LLC acquired a new position in Palmer Square Capital BDC in the fourth quarter valued at about $34,064,000. Mariner LLC lifted its position in Palmer Square Capital BDC by 97.7% in the fourth quarter. Mariner LLC now owns 2,275,470 shares of the company's stock valued at $34,587,000 after buying an additional 1,124,766 shares during the last quarter. Pandi LLC acquired a new position in Palmer Square Capital BDC in the fourth quarter valued at about $13,860,000. Sunesis Advisors LLC acquired a new position in Palmer Square Capital BDC in the first quarter valued at about $6,287,000. Finally, Bienville Capital Management LLC lifted its position in Palmer Square Capital BDC by 61.9% in the fourth quarter. Bienville Capital Management LLC now owns 676,406 shares of the company's stock valued at $10,606,000 after buying an additional 258,643 shares during the last quarter. Hedge funds and other institutional investors own 6.52% of the company's stock.

Palmer Square Capital BDC Stock Down 0.4%

The stock's 50-day simple moving average is $14.05 and its 200 day simple moving average is $14.17. The company has a market cap of $444.81 million, a price-to-earnings ratio of 24.54 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.