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

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) have received an average recommendation of “Reduce” from the five brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating and four have issued a hold rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $10.75.

A number of research firms have issued reports on PSBD. JPMorgan Chase & Co. cut 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 report on Thursday, July 2nd. UBS Group lowered their price target on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a report on Monday, April 20th. Noble Financial started coverage on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating on the stock. Wall Street Zen lowered Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Zacks Research cut Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd.

Insider Buying and Selling at Palmer Square Capital BDC

In other news, major shareholder Martin C. Bicknell purchased 21,484 shares of Palmer Square Capital BDC stock in a transaction dated Tuesday, July 7th. The stock was acquired at an average cost of $10.47 per share, for a total transaction of $224,937.48. Following the acquisition, the insider directly owned 373,472 shares in the company, valued at $3,910,251.84. This represents a 6.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders bought 108,472 shares of company stock worth $1,155,558. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds have recently added to or reduced their stakes in PSBD. Prime Capital Investment Advisors LLC lifted its stake in Palmer Square Capital BDC by 6.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 26,000 shares of the company’s stock valued at $317,000 after acquiring an additional 1,500 shares during the last quarter. Millennium Management LLC increased its stake 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 worth $1,647,000 after purchasing an additional 2,638 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of Palmer Square Capital BDC during the 1st quarter worth $33,000. Harbour Investments Inc. acquired a new position in shares of Palmer Square Capital BDC during the 4th quarter worth $85,000. Finally, Trexquant Investment LP raised its holdings in shares of Palmer Square Capital BDC by 17.6% during the 4th quarter. Trexquant Investment LP now owns 50,118 shares of the company’s stock valued at $611,000 after purchasing an additional 7,496 shares in the last quarter. Institutional investors and hedge funds own 6.52% of the company’s stock.

Palmer Square Capital BDC Stock Performance

PSBD stock opened at $9.52 on Friday. The firm has a 50 day simple moving average of $10.51 and a 200 day simple moving average of $10.84. Palmer Square Capital BDC has a 52 week low of $9.34 and a 52 week high of $14.43. The stock has a market cap of $296.39 million, a P/E ratio of -9.16 and a beta of 0.81.

Palmer Square Capital BDC Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 26th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, June 26th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 15.1%. 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.