Palmer Square Capital BDC (NYSE:PSBD) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Palmer Square Capital BDC (NYSE:PSBD) from a strong sell rating to a hold rating in a research report report published on Monday,Zacks.com reports.

Several other analysts have also recently commented on the company. JPMorgan Chase & Co. decreased their target price on Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Noble Financial initiated coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They issued a “neutral” rating for the company. UBS Group reduced 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 research report on Monday, April 20th. Wall Street Zen raised shares of Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Royal Bank Of Canada decreased their price objective on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 27th. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, Palmer Square Capital BDC has an average rating of “Hold” and an average price target of $10.75.

Palmer Square Capital BDC Price Performance

Shares of PSBD opened at $10.43 on Monday. The company has a market capitalization of $319.72 million, a P/E ratio of -10.54 and a beta of 0.85. Palmer Square Capital BDC has a one year low of $9.34 and a one year high of $14.43. The business’s 50 day simple moving average is $10.32 and its 200-day simple moving average is $10.66.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.16). Palmer Square Capital BDC had a negative net margin of 26.73% and a positive return on equity of 11.22%. The business had revenue of $13.06 million for the quarter, compared to analyst estimates of $25.97 million. On average, sell-side analysts anticipate that Palmer Square Capital BDC will post 1.44 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 Tuesday, October 13th. Shareholders of record on Friday, September 25th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $1.44 annualized dividend and a yield of 13.8%. Palmer Square Capital BDC’s dividend payout ratio is currently -145.45%.

Insider Buying and Selling

In other news, major shareholder Martin C. Bicknell acquired 40,000 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were purchased at an average cost of $10.56 per share, for a total transaction of $422,400.00. Following the transaction, the insider owned 351,988 shares of the company’s stock, valued at approximately $3,716,993.28. This represents a 12.82% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders acquired 108,472 shares of company stock valued at $1,155,558. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palmer Square Capital BDC

Several large investors have recently made changes to their positions in PSBD. Catalyst Capital Advisors LLC bought a new position in Palmer Square Capital BDC in the first quarter valued at about $33,000. Harbour Investments Inc. bought a new stake in Palmer Square Capital BDC during the 4th quarter worth about $85,000. Citadel Advisors LLC bought a new stake in Palmer Square Capital BDC during the 3rd quarter worth about $230,000. TrueMark Investments LLC acquired a new position in Palmer Square Capital BDC during the 1st quarter valued at about $188,000. Finally, Clear Harbor Asset Management LLC acquired a new position in Palmer Square Capital BDC during the 4th quarter valued at about $305,000. 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.