Palmer Square Capital BDC (NYSE:PSBD) Shares Gap Down to $16.38

Palmer Square Capital BDC Inc. (NYSE:PSBD) shares gapped down prior to trading on Friday . The stock had previously closed at $16.38, but opened at $16.04. Palmer Square Capital BDC shares last traded at $15.94, with a volume of 1,645 shares.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reissued 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 given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $16.93.

Palmer Square Capital BDC Price Performance

The company’s fifty day moving average price is $16.33 and its 200 day moving average price is $16.40.

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

Palmer Square Capital BDC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 14th. Stockholders of record on Friday, September 27th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 10.47%. The ex-dividend date is Friday, September 27th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capstone Investment Advisors LLC acquired a new position in Palmer Square Capital BDC during the 1st quarter valued at about $1,032,000. Dorsey & Whitney Trust CO LLC acquired a new position in Palmer Square Capital BDC during the 1st quarter valued at about $170,000. Apollo Management Holdings L.P. acquired a new position in Palmer Square Capital BDC during the 1st quarter valued at about $9,713,000. 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 valued at $1,377,000 after purchasing an additional 35,240 shares during the period. Finally, Marble Harbor Investment Counsel LLC acquired a new position in Palmer Square Capital BDC during the 2nd quarter valued at about $315,000. 6.52% of the stock is owned by institutional investors and hedge funds.

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.