Palmer Square Capital BDC (NYSE:PSBD) Releases Quarterly Earnings Results

Palmer Square Capital BDC (NYSE:PSBD) released its quarterly earnings results on Wednesday. The company reported ($1.19) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($1.59), FiscalAI reports. The business had revenue of ($32.64) million during the quarter, compared to analysts’ expectations of $27.29 million. Palmer Square Capital BDC had a negative net margin of 2.55% and a positive return on equity of 10.82%.

Palmer Square Capital BDC Trading Down 3.0%

PSBD stock traded down $0.33 during midday trading on Wednesday, hitting $10.82. The company had a trading volume of 76,078 shares, compared to its average volume of 87,617. The stock has a market cap of $337.62 million, a price-to-earnings ratio of -98.37 and a beta of 0.87. Palmer Square Capital BDC has a 52 week low of $9.34 and a 52 week high of $14.98. The stock’s 50 day moving average price is $10.57 and its 200 day moving average price is $11.50.

Palmer Square Capital BDC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 26th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date of this dividend is Friday, June 26th. Palmer Square Capital BDC’s payout ratio is -1,309.09%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Royal Bank Of Canada decreased their price objective on Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Thursday, March 5th. JPMorgan Chase & Co. reduced their price target on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. Finally, UBS Group decreased their price target on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, April 20th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $11.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC purchased a new stake in Palmer Square Capital BDC during the 4th quarter valued at about $7,077,000. Bank of America Corp DE increased its holdings in Palmer Square Capital BDC by 22.1% in the 3rd quarter. Bank of America Corp DE now owns 367,035 shares of the company’s stock worth $4,504,000 after buying an additional 66,460 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Palmer Square Capital BDC by 18.8% during the 4th quarter. Renaissance Technologies LLC now owns 183,000 shares of the company’s stock valued at $2,231,000 after acquiring an additional 28,900 shares during the last quarter. Millennium Management LLC boosted its holdings in Palmer Square Capital BDC by 2.0% in the third quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock worth $1,647,000 after purchasing an additional 2,638 shares during the last quarter. Finally, Two Sigma Investments LP grew its holdings in shares of Palmer Square Capital BDC by 142.9% in the third quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock worth $1,614,000 after acquiring an additional 77,393 shares during the period. Institutional investors own 6.52% of the company’s stock.

Palmer Square Capital BDC Company Profile

Palmer Square Capital BDC Inc (NYSE: PSBD) is a closed-end, externally managed business development company that provides customized financing solutions to middle-market companies in the United States. The firm offers a broad range of debt and equity products—including first-lien and second-lien senior secured loans, unitranche financings, mezzanine debt and equity co-investments—to support corporate acquisitions, refinancings, growth initiatives and balance sheet restructurings.

PSBD primarily targets established privately owned and sponsored businesses across diverse industries such as healthcare, business services, industrials and consumer products.