Palmer Square Capital BDC (NYSE:PSBD) Cut to “Sell” at Wall Street Zen

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

Several other research analysts have also issued reports on PSBD. UBS Group dropped their price objective on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research note on Monday, April 20th. Royal Bank Of Canada lowered their target price on Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. lowered their target price on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Palmer Square Capital BDC presently has a consensus rating of “Hold” and an average price target of $11.00.

Palmer Square Capital BDC Price Performance

Palmer Square Capital BDC stock opened at $10.82 on Friday. The stock has a fifty day moving average price of $10.58 and a two-hundred day moving average price of $11.46. Palmer Square Capital BDC has a 52-week low of $9.34 and a 52-week high of $14.98. The firm has a market capitalization of $336.66 million, a P/E ratio of -10.40 and a beta of 0.87.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.01). Palmer Square Capital BDC had a positive return on equity of 11.01% and a negative net margin of 26.82%.The company had revenue of ($0.31) million for the quarter, compared to analyst estimates of $30.11 million. On average, equities research analysts predict that Palmer Square Capital BDC will post 1.5 EPS for the current fiscal year.

Palmer Square Capital BDC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Friday, June 26th will be issued 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 yield of 13.3%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is -138.46%.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC bought a new position in Palmer Square Capital BDC during the fourth quarter worth about $7,077,000. Bank of America Corp DE boosted its holdings in Palmer Square Capital BDC by 22.1% during the third quarter. Bank of America Corp DE now owns 367,035 shares of the company’s stock worth $4,504,000 after buying an additional 66,460 shares during the last quarter. Sunesis Advisors LLC bought a new position in Palmer Square Capital BDC during the third quarter worth about $3,668,000. Closed End Fund Advisors Inc. bought a new position in Palmer Square Capital BDC during the fourth quarter worth about $2,686,000. Finally, Renaissance Technologies LLC boosted its holdings 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 buying an additional 28,900 shares during 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.