Analysts Set Palmer Square Capital BDC Inc. (NYSE:PSBD) PT at $10.50

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) have received an average recommendation of “Hold” from the five brokerages that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation. The average 1 year price target among brokers that have issued a report on the stock in the last year is $10.50.

PSBD has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. Royal Bank Of Canada reduced their price target on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 27th. Zacks Research upgraded shares of Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. Noble Financial began coverage on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating on the stock. Finally, Wall Street Zen raised shares of Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th.

Insider Buying and Selling

In other news, major shareholder Martin C. Bicknell bought 40,000 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was acquired at an average cost of $10.56 per share, with a total value of $422,400.00. Following the transaction, the insider directly owned 351,988 shares in the company, valued at approximately $3,716,993.28. This trade represents a 12.82% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Palmer Square Capital BDC

Several institutional investors have recently made changes to their positions in PSBD. Squarepoint Ops LLC bought a new position in Palmer Square Capital BDC in the second quarter worth approximately $1,362,000. OV Management LLC acquired a new position in Palmer Square Capital BDC during the 2nd quarter valued at approximately $38,867,000. Bank of America Corp DE grew its stake in Palmer Square Capital BDC by 10.9% during the 1st quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock valued at $5,637,000 after purchasing an additional 56,547 shares during the last quarter. Rivernorth Capital Management LLC increased its holdings in Palmer Square Capital BDC by 43.8% in the 1st quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock worth $8,154,000 after buying an additional 254,061 shares during the period. Finally, NewGen Asset Management Ltd purchased a new position in shares of Palmer Square Capital BDC during the first quarter worth $720,000. Hedge funds and other institutional investors own 6.52% of the company’s stock.

Palmer Square Capital BDC Stock Performance

Shares of NYSE PSBD opened at $10.18 on Monday. The business’s 50 day moving average price is $10.15 and its 200-day moving average price is $10.47. Palmer Square Capital BDC has a fifty-two week low of $9.34 and a fifty-two week high of $13.93. The company has a market cap of $311.86 million, a price-to-earnings ratio of -10.28 and a beta of 0.87.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.16). The business had revenue of $13.06 million for the quarter, compared to the consensus estimate of $25.97 million. Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%. Sell-side analysts predict that Palmer Square Capital BDC will post 1.5 earnings per share for the current year.

Palmer Square Capital BDC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Friday, September 25th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 14.2%. The ex-dividend date is Friday, September 25th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is presently -145.45%.

About Palmer Square Capital BDC

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.