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

by · The Cerbat Gem

Palmer Square Capital BDC Inc. (NYSE:PSBD – Get Free Report) has earned an average rating of “Reduce” from the five brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $10.75.

Several research analysts recently issued reports on the stock. Wall Street Zen cut shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. lowered their price target on shares of 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 research report on Wednesday, June 24th. They set a “neutral” rating on the stock. UBS Group reduced their price objective on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research note on Monday, April 20th. Finally, Wells Fargo & Company set a $11.50 price objective on Palmer Square Capital BDC in a report on Wednesday, June 24th.

Read Our Latest Stock Analysis on PSBD

Palmer Square Capital BDC Trading Down 2.0%

Shares of NYSE PSBD opened at $9.46 on Friday. The company has a 50 day simple moving average of $10.54 and a two-hundred day simple moving average of $10.85. The stock has a market cap of $294.46 million, a price-to-earnings ratio of -9.10 and a beta of 0.81. Palmer Square Capital BDC has a 12 month low of $9.34 and a 12 month high of $14.43.

Palmer Square Capital BDC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 26th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, June 26th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 15.2%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is presently -138.46%.

Insider Buying and Selling at Palmer Square Capital BDC

In other news, major shareholder Martin C. Bicknell bought 40,000 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was purchased at an average cost of $10.56 per share, with a total value of $422,400.00. Following the acquisition, the insider directly owned 351,988 shares in the company, valued at $3,716,993.28. This trade represents a 12.82% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 108,472 shares of company stock worth $1,155,558. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Palmer Square Capital BDC

Several hedge funds have recently modified their holdings of PSBD. Rivernorth Capital Management LLC acquired a new position in Palmer Square Capital BDC in the 4th quarter worth about $7,077,000. Closed End Fund Advisors Inc. acquired a new stake in Palmer Square Capital BDC in the fourth quarter valued at approximately $2,686,000. Two Sigma Investments LP grew its holdings in Palmer Square Capital BDC by 142.9% in 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 period. Opal Wealth Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC in the fourth quarter valued at approximately $931,000. Finally, NewGen Asset Management Ltd purchased a new stake in shares of Palmer Square Capital BDC in the first quarter valued at approximately $720,000. 6.52% of the stock is owned by hedge funds and other institutional investors.

About Palmer Square Capital BDC

(Get Free Report)

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.

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