Palmer Square Capital BDC (NYSE:PSBD) Raised to “Hold” at Zacks Research

Palmer Square Capital BDC (NYSE:PSBD) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research analysts have also commented on PSBD. UBS Group lowered their price objective on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, April 20th. Royal Bank Of Canada lowered their price target on Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 27th. Wall Street Zen raised Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a research note on Saturday. Noble Financial began coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They issued a “neutral” rating for the company. Finally, Wells Fargo & Company set a $11.50 target price on Palmer Square Capital BDC in a research note on Wednesday, June 24th. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Palmer Square Capital BDC has a consensus rating of “Hold” and an average price target of $10.75.

Palmer Square Capital BDC Stock Performance

Shares of PSBD stock opened at $10.43 on Monday. Palmer Square Capital BDC has a 1 year low of $9.34 and a 1 year high of $14.43. The firm has a market capitalization of $319.72 million, a PE ratio of -10.54 and a beta of 0.85. The stock has a fifty day moving average of $10.32 and a two-hundred day moving average of $10.66.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings data 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). The company had revenue of $13.06 million for the quarter, compared to the consensus estimate 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 research analysts predict that Palmer Square Capital BDC will post 1.44 earnings per share for the current fiscal year.

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.

Institutional Investors Weigh In On Palmer Square Capital BDC

Several institutional investors and hedge funds have recently modified their holdings of PSBD. Jane Street Group LLC acquired a new position in shares of Palmer Square Capital BDC during the 1st quarter valued at about $360,000. Bank of America Corp DE grew its holdings in Palmer Square Capital BDC by 5.0% during the second quarter. Bank of America Corp DE now owns 300,575 shares of the company’s stock valued at $4,196,000 after purchasing an additional 14,220 shares during the last quarter. Two Sigma Investments LP grew its holdings in Palmer Square Capital BDC by 142.9% during the third quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock valued at $1,614,000 after purchasing an additional 77,393 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Palmer Square Capital BDC in the third quarter valued at approximately $230,000. Finally, Millennium Management LLC lifted its position in 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 acquiring an additional 2,638 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.