Palmer Square Capital BDC (NYSE:PSBD) Given New $11.50 Price Target at UBS Group

Palmer Square Capital BDC (NYSE:PSBD) had its price target trimmed by UBS Group from $13.00 to $11.50 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities analysts have also recently issued reports on PSBD. JPMorgan Chase & Co. reduced their price target on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a research report on Friday. Royal Bank Of Canada lowered their price objective on shares of Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating for the company in a report on Thursday, March 5th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.88.

Palmer Square Capital BDC Stock Down 2.7%

NYSE:PSBD opened at $10.32 on Friday. The stock has a market cap of $321.98 million, a P/E ratio of -93.82 and a beta of 0.78. The firm’s fifty day simple moving average is $11.44 and its 200 day simple moving average is $12.18. Palmer Square Capital BDC has a twelve month low of $10.10 and a twelve month high of $15.30.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). Palmer Square Capital BDC had a negative net margin of 2.55% and a positive return on equity of 10.82%. The company had revenue of ($0.31) million for the quarter, compared to analysts’ expectations of $30.11 million. On average, analysts expect that Palmer Square Capital BDC will post 1.96 EPS for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Friday, March 27th will be issued a $0.36 dividend. The ex-dividend date is Friday, March 27th. This represents a $1.44 dividend on an annualized basis and a yield of 14.0%. Palmer Square Capital BDC’s dividend payout ratio is -1,309.09%.

Institutional Trading of Palmer Square Capital BDC

A number of hedge funds have recently modified their holdings of PSBD. XTX Topco Ltd purchased a new stake in shares of Palmer Square Capital BDC in the 4th quarter worth about $351,000. Rivernorth Capital Management LLC purchased a new position in Palmer Square Capital BDC during the 4th quarter valued at about $7,077,000. Trexquant Investment LP lifted its position 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 valued at $611,000 after acquiring an additional 7,496 shares during the period. Jane Street Group LLC boosted its stake in Palmer Square Capital BDC by 187.3% during the fourth quarter. Jane Street Group LLC now owns 39,531 shares of the company’s stock worth $482,000 after acquiring an additional 25,771 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Palmer Square Capital BDC by 18.8% during 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 in the last quarter. Institutional investors own 6.52% of the company’s stock.

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.