Short Interest in Palmer Square Capital BDC Inc. (NYSE:PSBD) Drops By 60.0%

Palmer Square Capital BDC Inc. (NYSE:PSBD) was the recipient of a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 19,400 shares, a drop of 60.0% from the September 30th total of 48,500 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average trading volume of 31,000 shares, the days-to-cover ratio is presently 0.6 days.

Institutional Investors Weigh In On Palmer Square Capital BDC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dorsey & Whitney Trust CO LLC purchased a new position in shares of Palmer Square Capital BDC during the first quarter worth about $170,000. Renaissance Technologies LLC acquired a new stake in shares of Palmer Square Capital BDC in the second quarter valued at approximately $173,000. Marble Harbor Investment Counsel LLC purchased a new stake in Palmer Square Capital BDC in the 2nd quarter valued at $315,000. Confluence Investment Management LLC boosted its stake in Palmer Square Capital BDC by 70.5% during the 2nd quarter. Confluence Investment Management LLC now owns 85,240 shares of the company’s stock worth $1,377,000 after purchasing an additional 35,240 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in Palmer Square Capital BDC in the third quarter valued at $792,000. 6.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Palmer Square Capital BDC Stock Performance

PSBD opened at $16.25 on Friday. Palmer Square Capital BDC has a 52 week low of $15.27 and a 52 week high of $17.12. The business has a fifty day simple moving average of $16.21 and a 200-day simple moving average of $16.36.

Palmer Square Capital BDC (NYSE:PSBD) last announced its earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). The firm 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%. On average, equities analysts forecast that Palmer Square Capital BDC will post 1.97 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 14th. Investors of record on Friday, September 27th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 10.34%. The ex-dividend date was Friday, September 27th.

About Palmer Square Capital BDC

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.