Palmer Square Capital BDC Inc. (NYSE:PSBD) Given Consensus Rating of “Reduce” by Brokerages

Palmer Square Capital BDC Inc. (NYSE:PSBD) has been assigned a consensus rating of “Reduce” from the five analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $10.8750.

PSBD has been the subject of a number of recent analyst reports. Zacks Research cut Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. decreased their target price on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. Wells Fargo & Company set a $11.50 target price on Palmer Square Capital BDC in a research report on Wednesday, June 24th. Noble Financial started coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating on the stock. Finally, UBS Group decreased their target price 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.

Insider Activity

In other Palmer Square Capital BDC news, major shareholder Martin C. Bicknell bought 30,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were purchased at an average price of $10.79 per share, for a total transaction of $323,700.00. Following the transaction, the insider directly owned 230,000 shares of the company’s stock, valued at approximately $2,481,700. This represents a 15.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders purchased 46,988 shares of company stock worth $508,220. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Prime Capital Investment Advisors LLC lifted its position in shares of Palmer Square Capital BDC by 6.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 26,000 shares of the company’s stock valued at $317,000 after buying an additional 1,500 shares in the last quarter. Millennium Management LLC lifted its position in shares of Palmer Square Capital BDC by 2.0% during the 3rd quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock valued at $1,647,000 after buying an additional 2,638 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in shares of Palmer Square Capital BDC during the 1st quarter valued at approximately $33,000. Harbour Investments Inc. purchased a new position in shares of Palmer Square Capital BDC during the 4th quarter valued at approximately $85,000. Finally, Trexquant Investment LP boosted its stake in Palmer Square Capital BDC by 17.6% during the 4th quarter. Trexquant Investment LP now owns 50,118 shares of the company’s stock worth $611,000 after purchasing an additional 7,496 shares during the last quarter. Hedge funds and other institutional investors own 6.52% of the company’s stock.

Palmer Square Capital BDC Trading Down 0.2%

NYSE PSBD opened at $10.44 on Wednesday. The stock has a market capitalization of $324.99 million, a price-to-earnings ratio of -10.04 and a beta of 0.83. The stock has a 50-day moving average of $10.76 and a 200 day moving average of $11.08. Palmer Square Capital BDC has a twelve month low of $9.34 and a twelve month high of $14.62.

Palmer Square Capital BDC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 26th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, June 26th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.8%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is -138.46%.

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.