Wall Street Zen upgraded shares of Palmer Square Capital BDC (NYSE:PSBD – Free Report) from a sell rating to a hold rating in a research report released on Saturday.
A number of other brokerages have also commented on PSBD. Wells Fargo & Company set a $11.50 price target on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. Noble Financial initiated coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating for the company. UBS Group cut their target price on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a report on Monday, April 20th. JPMorgan Chase & Co. reduced their price target on Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Finally, Royal Bank Of Canada decreased their price target on Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 27th. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Palmer Square Capital BDC presently has a consensus rating of “Reduce” and a consensus price target of $10.75.
Read Our Latest Analysis on Palmer Square Capital BDC
Palmer Square Capital BDC Stock Down 0.0%
Palmer Square Capital BDC (NYSE:PSBD – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.16). The firm had revenue of $13.06 million for the quarter, compared to analyst estimates of $25.97 million. Palmer Square Capital BDC had a negative net margin of 26.73% and a positive return on equity of 10.91%. On average, equities research analysts expect that Palmer Square Capital BDC will post 1.41 EPS for the current year.
Palmer Square Capital BDC Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Friday, September 25th 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 13.8%. The ex-dividend date is Friday, September 25th. Palmer Square Capital BDC’s payout ratio is presently -145.45%.
Insider Activity
In other news, major shareholder Martin C. Bicknell acquired 40,000 shares of Palmer Square Capital BDC stock in a transaction on Monday, July 6th. The stock was purchased at an average price of $10.56 per share, with a total value of $422,400.00. Following the completion of the purchase, the insider owned 351,988 shares of the company’s stock, valued at approximately $3,716,993.28. The trade was a 12.82% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have bought 108,472 shares of company stock worth $1,155,558. 1.10% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Palmer Square Capital BDC
A number of large investors have recently modified their holdings of the company. Prime Capital Investment Advisors LLC lifted its stake in shares of Palmer Square Capital BDC by 6.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 26,000 shares of the company’s stock valued at $317,000 after buying an additional 1,500 shares in the last quarter. Millennium Management LLC lifted its position in 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 acquiring an additional 2,638 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in Palmer Square Capital BDC during the 1st quarter valued at about $33,000. Harbour Investments Inc. bought a new stake in Palmer Square Capital BDC during the 4th quarter worth approximately $85,000. Finally, Trexquant Investment LP raised its stake 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 worth $611,000 after purchasing an additional 7,496 shares during the last quarter. 6.52% of the stock is currently owned by institutional investors.
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.
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