Palmer Square Capital BDC Inc. (NYSE:PSBD) Receives Consensus Rating of “Hold” from Analysts

Palmer Square Capital BDC Inc. (NYSE:PSBD) has been given an average recommendation of “Hold” by the five brokerages that are covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $10.75.

Several research analysts have weighed in on PSBD shares. Wall Street Zen upgraded Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. UBS Group lowered their price target on 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. Royal Bank Of Canada dropped 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. Wells Fargo & Company set a $11.50 price objective on Palmer Square Capital BDC in a report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. decreased their price objective on Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating for the company in a research report on Thursday, July 2nd.

Palmer Square Capital BDC Stock Performance

PSBD opened at $10.37 on Thursday. The firm’s fifty day moving average is $10.32 and its two-hundred day moving average is $10.65. The firm has a market cap of $317.84 million, a PE ratio of -10.47 and a beta of 0.84. Palmer Square Capital BDC has a twelve month low of $9.34 and a twelve month high of $14.43.

Palmer Square Capital BDC (NYSE:PSBD) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $13.06 million during the quarter, compared to analyst estimates of $25.97 million. Equities analysts forecast that Palmer Square Capital BDC will post 1.47 EPS for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The business also recently announced 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. This represents a $1.44 annualized dividend and a yield of 13.9%. The ex-dividend date is Friday, September 25th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is -145.45%.

Insiders Place Their Bets

In related news, major shareholder Martin C. Bicknell purchased 40,000 shares of Palmer Square Capital BDC stock in a transaction dated Monday, July 6th. The stock was bought at an average price of $10.56 per share, for a total transaction of $422,400.00. Following the completion of the acquisition, the insider directly owned 351,988 shares of the company’s stock, valued at $3,716,993.28. This represents a 12.82% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased a total of 108,472 shares of company stock valued at $1,155,558 over the last 90 days. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Palmer Square Capital BDC

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Prime Capital Investment Advisors LLC boosted its stake in Palmer Square Capital BDC by 6.1% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 26,000 shares of the company’s stock worth $317,000 after purchasing an additional 1,500 shares during the period. Millennium Management LLC raised its stake in shares of Palmer Square Capital BDC by 2.0% in the 3rd quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock valued at $1,647,000 after purchasing an additional 2,638 shares during the period. Catalyst Capital Advisors LLC acquired a new stake in shares of Palmer Square Capital BDC in the 1st quarter valued at about $33,000. Harbour Investments Inc. acquired a new stake in shares of Palmer Square Capital BDC in the 4th quarter valued at about $85,000. Finally, Trexquant Investment LP lifted its holdings in shares of Palmer Square Capital BDC by 17.6% in the fourth quarter. Trexquant Investment LP now owns 50,118 shares of the company’s stock valued at $611,000 after purchasing an additional 7,496 shares in the last quarter. 6.52% of the stock is currently owned by institutional investors and hedge funds.

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.