Palmer Square Capital BDC Inc. (NYSE:PSBD) Stock Now Rated “Hold” by Wall Street Brokerages

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) have earned a consensus recommendation of “Hold” from the five brokerages that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $10.50.

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their target price 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. Wall Street Zen raised shares of Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. UBS Group lowered their price objective on shares of Palmer Square Capital BDC from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, September 1st. Finally, Zacks Research upgraded shares of Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th.

Palmer Square Capital BDC Price Performance

Shares of PSBD opened at $9.82 on Tuesday. The business’s fifty day moving average price is $10.05 and its 200 day moving average price is $10.58. Palmer Square Capital BDC has a 12-month low of $9.34 and a 12-month high of $12.75. The stock has a market capitalization of $301.02 million, a PE ratio of -9.92 and a beta of 0.87.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.16). Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%. The business had revenue of $27.30 million during the quarter, compared to analyst estimates of $25.97 million. As a group, research analysts anticipate that Palmer Square Capital BDC will post 1.50 earnings per share for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 13th. Shareholders of record on Friday, September 25th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 14.7%. The ex-dividend date was Friday, September 25th. Palmer Square Capital BDC’s payout ratio is presently -145.45%.

Hedge Funds Weigh In On Palmer Square Capital BDC

Institutional investors have recently made changes to their positions in the stock. OV Management LLC acquired a new stake in shares of Palmer Square Capital BDC during the 2nd quarter worth approximately $38,867,000. Rivernorth Capital Management LLC lifted its holdings in shares of Palmer Square Capital BDC by 43.8% in the 1st quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock worth $8,154,000 after purchasing an additional 254,061 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Palmer Square Capital BDC in the 2nd quarter worth approximately $1,362,000. Thor Investment Management Inc. OH ADV acquired a new position in Palmer Square Capital BDC during the 3rd quarter valued at approximately $769,000. Finally, NewGen Asset Management Ltd acquired a new position in Palmer Square Capital BDC during the 1st quarter valued at approximately $720,000. 6.52% of the stock is owned by institutional investors.

About Palmer Square Capital BDC

Palmer Square Capital BDC, Inc is an externally managed business development company that seeks to provide financing to private middle-market companies. The company focuses primarily on privately originated and negotiated investments in senior secured loans and other debt instruments, with the goal of supporting businesses while generating current income for shareholders.

Palmer Square Capital BDC may invest across a range of industries and capital structures, including first-lien and unitranche loans, second-lien and subordinated debt, and select equity investments.