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

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) gapped up before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

Separately, Janney Montgomery Scott started coverage on shares of Palmer Square Capital BDC in a research report on Monday, April 22nd. They set a “neutral” rating and a $17.50 price target on the stock. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.93.

Palmer Square Capital BDC Price Performance

The business’s 50-day moving average is $16.52.

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

Palmer Square Capital BDC Announces Dividend

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

Institutional Trading of Palmer Square Capital BDC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSBD. Capstone Investment Advisors LLC acquired a new position in shares of Palmer Square Capital BDC in the first quarter worth $1,032,000. Dorsey & Whitney Trust CO LLC acquired a new position in shares of Palmer Square Capital BDC in the first quarter worth $170,000. Apollo Management Holdings L.P. acquired a new position in shares of Palmer Square Capital BDC in the first quarter worth $9,713,000. Finally, Confluence Investment Management LLC grew its stake in shares of 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 in the last quarter. 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.