Palmer Square Capital BDC (NYSE:PSBD) Shares Gap Up to $16.08

Palmer Square Capital BDC Inc. (NYSE:PSBD) gapped up prior to trading on Wednesday . The stock had previously closed at $16.08, but opened at $16.50. Palmer Square Capital BDC shares last traded at $16.34, with a volume of 1,263 shares traded.

Analyst Ratings Changes

Separately, Janney Montgomery Scott initiated coverage on shares of Palmer Square Capital BDC in a research note on Monday, April 22nd. They issued a “neutral” rating and a $17.50 price target for the company. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $16.93.

Palmer Square Capital BDC Trading Up 0.6 %

The firm has a 50 day simple moving average of $16.54.

Palmer Square Capital BDC (NYSE:PSBD) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.49 by $0.03. Palmer Square Capital BDC had a return on equity of 18.90% and a net margin of 84.94%. The business had revenue of $34.79 million for the quarter, compared to the consensus estimate of $30.34 million. Analysts expect that Palmer Square Capital BDC Inc. will post 2.01 earnings per share for the current year.

Palmer Square Capital BDC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Friday, June 28th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 10.39%. The ex-dividend date is Friday, June 28th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PSBD. Dorsey & Whitney Trust CO LLC purchased a new stake in Palmer Square Capital BDC during the first quarter valued at $170,000. Capstone Investment Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the 1st quarter valued at about $1,032,000. Confluence Investment Management LLC lifted its holdings in shares of Palmer Square Capital BDC by 70.5% in the 2nd quarter. Confluence Investment Management LLC now owns 85,240 shares of the company’s stock valued at $1,377,000 after acquiring an additional 35,240 shares during the last quarter. Finally, Apollo Management Holdings L.P. purchased a new position in Palmer Square Capital BDC in the first quarter worth about $9,713,000. Hedge funds and other institutional investors own 6.52% of the company’s stock.

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.