Palmer Square Capital BDC (NYSE:PSBD) Announces Quarterly Earnings Results, Misses Estimates By $1.59 EPS

Palmer Square Capital BDC (NYSE:PSBD) announced its quarterly earnings data on Wednesday. The company reported ($1.19) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($1.59), FiscalAI reports. Palmer Square Capital BDC had a negative net margin of 2.55% and a positive return on equity of 10.82%. The firm had revenue of ($32.64) million for the quarter, compared to the consensus estimate of $27.29 million.

Palmer Square Capital BDC Stock Down 3.0%

Shares of NYSE:PSBD traded down $0.33 during midday trading on Wednesday, reaching $10.82. 76,078 shares of the company traded hands, compared to its average volume of 87,617. The firm’s fifty day moving average price is $10.57 and its two-hundred day moving average price is $11.50. The firm has a market capitalization of $337.62 million, a price-to-earnings ratio of -98.37 and a beta of 0.87. Palmer Square Capital BDC has a 12 month low of $9.34 and a 12 month high of $14.98.

Palmer Square Capital BDC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 26th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date is Friday, June 26th. Palmer Square Capital BDC’s payout ratio is presently -1,309.09%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PSBD. UBS Group dropped their price target on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, April 20th. Royal Bank Of Canada decreased their price objective on Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Thursday, March 5th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a report on Friday, March 13th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $11.75.

Institutional Investors Weigh In On Palmer Square Capital BDC

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rivernorth Capital Management LLC purchased a new stake in Palmer Square Capital BDC in the 4th quarter worth approximately $7,077,000. Two Sigma Investments LP boosted its holdings in Palmer Square Capital BDC by 142.9% in the 3rd quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock valued at $1,614,000 after purchasing an additional 77,393 shares during the period. Bank of America Corp DE grew its position in shares of Palmer Square Capital BDC by 22.1% during the 3rd quarter. Bank of America Corp DE now owns 367,035 shares of the company’s stock valued at $4,504,000 after purchasing an additional 66,460 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Palmer Square Capital BDC by 18.8% in the fourth quarter. Renaissance Technologies LLC now owns 183,000 shares of the company’s stock worth $2,231,000 after purchasing an additional 28,900 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Palmer Square Capital BDC in the fourth quarter worth $351,000. 6.52% of the stock is currently owned by institutional investors.

Palmer Square Capital BDC Company Profile

Palmer Square Capital BDC Inc (NYSE: PSBD) is a closed-end, externally managed business development company that provides customized financing solutions to middle-market companies in the United States. The firm offers a broad range of debt and equity products—including first-lien and second-lien senior secured loans, unitranche financings, mezzanine debt and equity co-investments—to support corporate acquisitions, refinancings, growth initiatives and balance sheet restructurings.

PSBD primarily targets established privately owned and sponsored businesses across diverse industries such as healthcare, business services, industrials and consumer products.