Palmer Square Capital BDC Inc. (NYSE:PSBD) Sees Significant Growth in Short Interest

Palmer Square Capital BDC Inc. (NYSE:PSBD) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 48,500 shares, a growth of 225.5% from the September 15th total of 14,900 shares. Based on an average daily trading volume, of 33,300 shares, the days-to-cover ratio is presently 1.5 days. Approximately 0.3% of the company’s stock are short sold.

Institutional Investors Weigh In On Palmer Square Capital BDC

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSBD. Dorsey & Whitney Trust CO LLC bought a new stake in shares of Palmer Square Capital BDC during the 1st quarter valued at about $170,000. Renaissance Technologies LLC purchased a new position in shares of Palmer Square Capital BDC in the second quarter worth approximately $173,000. Marble Harbor Investment Counsel LLC bought a new stake in Palmer Square Capital BDC during the second quarter valued at approximately $315,000. Capstone Investment Advisors LLC purchased a new stake in Palmer Square Capital BDC during the first quarter valued at approximately $1,032,000. Finally, Confluence Investment Management LLC raised its position in Palmer Square Capital BDC by 70.5% in the second quarter. Confluence Investment Management LLC now owns 85,240 shares of the company’s stock worth $1,377,000 after acquiring an additional 35,240 shares during the period. Hedge funds and other institutional investors own 6.52% of the company’s stock.

Analyst Ratings Changes

Separately, Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price target on shares of Palmer Square Capital BDC in a research report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.93.

Palmer Square Capital BDC Stock Performance

PSBD traded up $0.03 during trading on Thursday, hitting $15.99. 17,229 shares of the company’s stock traded hands, compared to its average volume of 48,291. The company’s 50 day simple moving average is $16.23 and its two-hundred day simple moving average is $16.37. Palmer Square Capital BDC has a 12-month low of $15.27 and a 12-month high of $17.12.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.03). The business had revenue of $36.55 million for the quarter, compared to analysts’ expectations of $36.27 million. Palmer Square Capital BDC had a net margin of 64.65% and a return on equity of 16.13%. Research analysts anticipate that Palmer Square Capital BDC will post 1.97 earnings per share for the current fiscal year.

Palmer Square Capital BDC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 14th. Investors of record on Friday, September 27th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a yield of 10.51%.

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.