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

Palmer Square Capital BDC Inc. (NYSE:PSBD) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 30,200 shares, a growth of 24.8% from the March 15th total of 24,200 shares. Based on an average daily trading volume, of 34,400 shares, the short-interest ratio is presently 0.9 days. Approximately 0.2% of the shares of the stock are sold short.

Insider Buying and Selling

In related news, President Matthew L. Bloomfield acquired 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $15.38 per share, for a total transaction of $64,596.00. Following the transaction, the president now directly owns 32,478 shares of the company’s stock, valued at approximately $499,511.64. This trade represents a 14.85 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC raised its position in shares of Palmer Square Capital BDC by 995.9% in the 4th quarter. Cubist Systematic Strategies LLC now owns 2,433 shares of the company’s stock worth $37,000 after buying an additional 2,211 shares during the period. Wells Fargo & Company MN grew its position in Palmer Square Capital BDC by 271.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,501 shares of the company’s stock valued at $114,000 after acquiring an additional 5,482 shares during the period. Atwood & Palmer Inc. acquired a new stake in Palmer Square Capital BDC during the first quarter worth about $453,000. Marble Harbor Investment Counsel LLC raised its holdings in shares of Palmer Square Capital BDC by 24.3% in the 4th quarter. Marble Harbor Investment Counsel LLC now owns 31,950 shares of the company’s stock worth $486,000 after purchasing an additional 6,250 shares during the period. Finally, Citadel Advisors LLC lifted its stake in shares of Palmer Square Capital BDC by 32.9% in the 4th quarter. Citadel Advisors LLC now owns 42,203 shares of the company’s stock valued at $641,000 after purchasing an additional 10,457 shares in the last quarter. Institutional investors and hedge funds own 6.52% of the company’s stock.

Wall Street Analyst Weigh In

Separately, UBS Group cut their price target on Palmer Square Capital BDC from $16.50 to $14.00 and set a “neutral” rating for the company in a report on Thursday.

Palmer Square Capital BDC Stock Down 2.5 %

Shares of NYSE:PSBD traded down $0.34 during trading on Friday, reaching $12.81. The stock had a trading volume of 26,937 shares, compared to its average volume of 27,745. Palmer Square Capital BDC has a fifty-two week low of $11.89 and a fifty-two week high of $17.02. The business has a fifty day moving average price of $14.39 and a 200-day moving average price of $15.32. The stock has a market cap of $417.60 million, a P/E ratio of 6.67 and a beta of 0.60.

Palmer Square Capital BDC Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 28th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 11.25%. The ex-dividend date was Friday, March 28th. Palmer Square Capital BDC’s dividend payout ratio is currently 97.30%.

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.