Palmer Square Capital BDC (NYSE:PSBD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Palmer Square Capital BDC (NYSE:PSBD) from a sell rating to a hold rating in a research note released on Saturday.

Other equities analysts also recently issued reports about the stock. Royal Bank Of Canada decreased 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. Noble Financial began coverage on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating for the company. Zacks Research downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. UBS Group cut their price objective on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a report on Monday, April 20th. Finally, Wells Fargo & Company set a $11.50 target price on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $10.75.

Palmer Square Capital BDC Price Performance

PSBD opened at $10.45 on Friday. The business has a fifty day simple moving average of $10.33 and a 200 day simple moving average of $10.67. The company has a market capitalization of $320.29 million, a PE ratio of -10.56 and a beta of 0.85. Palmer Square Capital BDC has a 1 year low of $9.34 and a 1 year high of $14.43.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.16). The firm had revenue of $13.06 million during the quarter, compared to analyst estimates of $25.97 million. Palmer Square Capital BDC had a negative net margin of 26.73% and a positive return on equity of 11.22%. Equities analysts anticipate that Palmer Square Capital BDC will post 1.41 earnings per share for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

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 given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 13.8%. The ex-dividend date is Friday, September 25th. Palmer Square Capital BDC’s payout ratio is currently -145.45%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of institutional investors have recently modified their holdings of PSBD. OV Management LLC bought a new stake in shares of Palmer Square Capital BDC during the 2nd quarter worth $38,867,000. Rivernorth Capital Management LLC grew its position in Palmer Square Capital BDC by 43.8% in the first quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock valued at $8,154,000 after acquiring an additional 254,061 shares during the last quarter. Bank of America Corp DE raised its stake in Palmer Square Capital BDC by 10.9% during the first quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock worth $5,637,000 after acquiring an additional 56,547 shares in the last quarter. Closed End Fund Advisors Inc. acquired a new position in Palmer Square Capital BDC during the fourth quarter worth about $2,686,000. Finally, Renaissance Technologies LLC lifted 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 acquiring an additional 28,900 shares during the last quarter. Institutional investors and hedge funds own 6.52% of the company’s stock.

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.