JPMorgan Chase & Co. Cuts Palmer Square Capital BDC (NYSE:PSBD) Price Target to $9.50

Palmer Square Capital BDC (NYSE:PSBD) had its price objective dropped by JPMorgan Chase & Co. from $10.00 to $9.50 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 9.96% from the company’s previous close.

A number of other equities research analysts have also commented on the stock. Wall Street Zen lowered shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Noble Financial assumed coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating for the company. Zacks Research lowered Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Royal Bank Of Canada decreased their price target on shares of 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. Finally, Wells Fargo & Company set a $11.50 price objective on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $10.75.

Palmer Square Capital BDC Stock Performance

Shares of PSBD opened at $10.55 on Thursday. The firm has a market cap of $328.35 million, a P/E ratio of -10.15 and a beta of 0.81. Palmer Square Capital BDC has a twelve month low of $9.34 and a twelve month high of $14.62. The firm’s 50 day moving average price is $10.76 and its two-hundred day moving average price is $11.07.

Insider Buying and Selling

In related news, major shareholder Martin C. Bicknell purchased 30,000 shares of Palmer Square Capital BDC stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $10.79 per share, with a total value of $323,700.00. Following the completion of the transaction, the insider owned 230,000 shares of the company’s stock, valued at approximately $2,481,700. This trade represents a 15.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased 46,988 shares of company stock worth $508,220 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Catalyst Capital Advisors LLC bought a new stake in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $33,000. Harbour Investments Inc. acquired a new position in Palmer Square Capital BDC during the fourth quarter worth $85,000. TrueMark Investments LLC acquired a new position in Palmer Square Capital BDC during the first quarter worth $188,000. Citadel Advisors LLC bought a new stake in Palmer Square Capital BDC during the third quarter worth $230,000. Finally, Clear Harbor Asset Management LLC bought a new stake in Palmer Square Capital BDC during the fourth quarter worth $305,000. Institutional investors and hedge funds own 6.52% of the company’s stock.

Palmer Square Capital BDC Company Profile

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.