Short Interest in Palmer Square Capital BDC Inc. (NYSE:PSBD) Grows By 112.4%

Key Points

• Short interest in Palmer Square Capital BDC increased by 112.4%, rising from 21,700 shares to 46,100 shares as of September 30th.
• Palmer Square Capital BDC's stock rose by 4.1% to $12.69, with trading volume significantly higher than its average.
• The recent quarterly dividend of $0.36 represents a strong yield of 11.4%, despite the company's high dividend payout ratio of 257.14%.

Palmer Square Capital BDC Inc. (NYSE:PSBD - Get Free Report) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totaling 46,100 shares, a growth of 112.4% from the September 15th total of 21,700 shares. Based on an average daily volume of 72,800 shares, the short-interest ratio is currently 0.6 days. Currently, 0.3% of the company's shares are sold short. Currently, 0.3% of the company's shares are sold short. Based on an average daily volume of 72,800 shares, the short-interest ratio is currently 0.6 days.

Palmer Square Capital BDC Stock Up 4.1%

PSBD traded up $0.50 during trading hours on Monday, hitting $12.69. 178,417 shares of the company's stock were exchanged, compared to its average volume of 54,395. Palmer Square Capital BDC has a 1-year low of $11.51 and a 1-year high of $16.30. The stock's 50-day moving average is $13.32 and its two-hundred day moving average is $13.52. The stock has a market cap of $407.57 million, a price-to-earnings ratio of 22.65 and a beta of 0.71.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.43 EPS for the quarter, topping 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 analysts' expectations of $30.29 million. On average, equities research analysts anticipate that Palmer Square Capital BDC will post 1.96 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 14th. Shareholders of record on Friday, September 26th were paid a $0.36 dividend. The ex-dividend date was Friday, September 26th. This represents a $1.44 dividend on an annualized basis and a yield of 11.4%. Palmer Square Capital BDC's dividend payout ratio (DPR) is currently 257.14%.

Institutional Trading of Palmer Square Capital BDC

Large investors have recently added to or reduced their stakes in the company. Gibson Capital LLC acquired a new stake in Palmer Square Capital BDC in the second quarter valued at $174,000. Confluence Investment Management LLC lifted its stake in shares of Palmer Square Capital BDC by 18.7% during the 3rd quarter. Confluence Investment Management LLC now owns 25,763 shares of the company's stock worth $316,000 after buying an additional 4,065 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Palmer Square Capital BDC during the 1st quarter worth about $360,000. Bank of America Corp DE lifted its stake in shares of Palmer Square Capital BDC by 5.0% during the 2nd quarter. Bank of America Corp DE now owns 300,575 shares of the company's stock worth $4,196,000 after buying an additional 14,220 shares during the last quarter. Finally, Arlington Partners LLC lifted its stake in shares of Palmer Square Capital BDC by 11.1% during the 1st quarter. Arlington Partners LLC now owns 333,765 shares of the company's stock worth $4,446,000 after buying an additional 33,276 shares during the last quarter. Institutional investors and hedge funds own 6.52% of the company's stock.

Wall Street Analysts Forecast Growth

PSBD has been the subject of several recent analyst reports. 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. UBS Group reduced their price target on shares of Palmer Square Capital BDC from $14.50 to $13.50 and set a "neutral" rating for the company in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $12.00 price target (down previously from $14.00) on shares of Palmer Square Capital BDC in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $13.63.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.