Royal Bank of Canada Cuts Palmer Square Capital BDC (NYSE:PSBD) Price Target to $15.00

Palmer Square Capital BDC (NYSE:PSBD) had its target price cut by Royal Bank of Canada from $17.00 to $15.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also recently issued reports on PSBD. JPMorgan Chase & Co. decreased their target price on shares of Palmer Square Capital BDC from $16.00 to $13.50 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Wall Street Zen cut shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research note on Thursday. Oppenheimer cut shares of Palmer Square Capital BDC from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $17.00 to $14.00 in a research note on Friday, May 9th. Finally, UBS Group cut their price target on shares of Palmer Square Capital BDC from $16.50 to $14.00 and set a “neutral” rating for the company in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.13.

Palmer Square Capital BDC Price Performance

PSBD opened at $13.92 on Thursday. The firm has a fifty day moving average price of $13.31 and a 200 day moving average price of $14.81. Palmer Square Capital BDC has a 1 year low of $11.51 and a 1 year high of $16.85. The stock has a market cap of $450.47 million, a P/E ratio of 7.25 and a beta of 0.63.

Palmer Square Capital BDC (NYSE:PSBD) last posted its 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). Palmer Square Capital BDC had a net margin of 41.67% and a return on equity of 11.97%. The firm had revenue of $31.21 million during the quarter, compared to analyst estimates of $32.55 million. Equities analysts expect that Palmer Square Capital BDC will post 1.96 EPS for the current year.

Palmer Square Capital BDC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 14th. Investors of record on Friday, June 27th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 10.35%. The ex-dividend date is Friday, June 27th. Palmer Square Capital BDC’s payout ratio is presently 288.00%.

Insider Buying and Selling

In related news, President Matthew L. Bloomfield purchased 4,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $15.48 per share, with a total value of $61,920.00. Following the acquisition, the president now owns 41,478 shares in the company, valued at $642,079.44. The trade was a 10.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.96% of the stock is owned by insiders.

Institutional Investors Weigh In On Palmer Square Capital BDC

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSBD. 1248 Management LLC purchased a new stake in Palmer Square Capital BDC in the 4th quarter worth $34,064,000. Mariner LLC grew its holdings in shares of Palmer Square Capital BDC by 97.7% during the fourth quarter. Mariner LLC now owns 2,275,470 shares of the company’s stock worth $34,587,000 after buying an additional 1,124,766 shares in the last quarter. Pandi LLC purchased a new stake in shares of Palmer Square Capital BDC during the fourth quarter worth $13,860,000. Sunesis Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the first quarter worth $6,287,000. Finally, Bienville Capital Management LLC grew its holdings in shares of Palmer Square Capital BDC by 61.9% during the fourth quarter. Bienville Capital Management LLC now owns 676,406 shares of the company’s stock worth $10,606,000 after buying an additional 258,643 shares in the last quarter. Hedge funds and other institutional investors own 6.52% of the company’s stock.

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.