Palmer Square Capital BDC (NYSE:PSBD) Stock Rating Lowered by Wall Street Zen

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

A number of other brokerages have also weighed in on PSBD. JPMorgan Chase & Co. decreased their price objective on shares of Palmer Square Capital BDC from $16.00 to $13.50 and set an “overweight” rating for the company in a report on Thursday, April 24th. Oppenheimer downgraded shares of Palmer Square Capital BDC from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $17.00 to $14.00 in a report on Friday, May 9th. Finally, UBS Group reduced their price target on Palmer Square Capital BDC from $16.50 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.13.

Palmer Square Capital BDC Stock Performance

NYSE:PSBD opened at $13.81 on Thursday. The firm has a market cap of $446.94 million, a PE ratio of 7.19 and a beta of 0.63. The business has a 50 day moving average price of $13.33 and a 200-day moving average price of $14.83. Palmer Square Capital BDC has a fifty-two week low of $11.51 and a fifty-two week high of $16.85.

Palmer Square Capital BDC (NYSE:PSBD) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $31.21 million for the quarter, compared to analysts’ expectations of $32.55 million. Palmer Square Capital BDC had a net margin of 41.67% and a return on equity of 11.97%. Research analysts predict that Palmer Square Capital BDC will post 1.96 EPS for the current year.

Palmer Square Capital BDC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Friday, June 27th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 10.43%. The ex-dividend date is Friday, June 27th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is presently 288.00%.

Insider Transactions at Palmer Square Capital BDC

In other Palmer Square Capital BDC news, President Matthew L. Bloomfield acquired 4,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $15.48 per share, with a total value of $61,920.00. Following the transaction, the president now directly owns 41,478 shares of the company’s stock, valued at $642,079.44. This trade represents a 10.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.96% of the company’s stock.

Institutional Trading of Palmer Square Capital BDC

Several large investors have recently made changes to their positions in PSBD. Cubist Systematic Strategies LLC grew its position in Palmer Square Capital BDC by 995.9% during the fourth quarter. Cubist Systematic Strategies LLC now owns 2,433 shares of the company’s stock valued at $37,000 after buying an additional 2,211 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Palmer Square Capital BDC by 271.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,501 shares of the company’s stock worth $114,000 after buying an additional 5,482 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $360,000. Marble Harbor Investment Counsel LLC grew its holdings in Palmer Square Capital BDC by 24.3% in the 4th quarter. Marble Harbor Investment Counsel LLC now owns 31,950 shares of the company’s stock valued at $486,000 after buying an additional 6,250 shares in the last quarter. Finally, Atwood & Palmer Inc. purchased a new stake in shares of Palmer Square Capital BDC in the first quarter valued at about $453,000. 6.52% of the stock is owned by hedge funds and other institutional investors.

About Palmer Square Capital BDC

Palmer Square Capital BDC Inc is an externally managed, non-diversified closed-end management investment company which primarily lends to and invests in corporate debt securities, including small to large private U.S. companies and has elected to be regulated as a business development company. Palmer Square Capital BDC Inc is based in MISSION WOODS, Kan.