Palmer Square Capital BDC (NYSE:PSBD) Stock Rating Upgraded by Wall Street Zen

Palmer Square Capital BDC (NYSE:PSBD) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

PSBD has been the subject of several other reports. Noble Financial started coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating for the company. Wells Fargo & Company set a $11.50 price objective on Palmer Square Capital BDC in a research note on Wednesday, June 24th. UBS Group cut their price objective on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a report on Monday, April 20th. Zacks Research cut shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. lowered 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. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Palmer Square Capital BDC currently has an average rating of “Reduce” and an average price target of $10.75.

Palmer Square Capital BDC Trading Up 0.0%

Shares of PSBD stock opened at $10.46 on Friday. The firm’s fifty day moving average price is $10.34 and its two-hundred day moving average price is $10.68. Palmer Square Capital BDC has a 1 year low of $9.34 and a 1 year high of $14.43. The firm has a market capitalization of $320.45 million, a P/E ratio of -10.56 and a beta of 0.85.

Palmer Square Capital BDC (NYSE:PSBD) last posted 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). The business had revenue of $13.06 million for the quarter, compared to analyst estimates of $25.97 million. Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%. As a group, equities research analysts forecast that Palmer Square Capital BDC will post 1.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palmer Square Capital BDC news, major shareholder Martin C. Bicknell acquired 40,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were purchased at an average price of $10.56 per share, for a total transaction of $422,400.00. Following the completion of the purchase, the insider directly owned 351,988 shares of the company’s stock, valued at approximately $3,716,993.28. This represents a 12.82% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased a total of 108,472 shares of company stock worth $1,155,558 over the last 90 days. 1.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Catalyst Capital Advisors LLC acquired a new stake in Palmer Square Capital BDC during the 1st quarter valued at $33,000. Harbour Investments Inc. acquired a new position in shares of Palmer Square Capital BDC in the fourth quarter valued at $85,000. Citadel Advisors LLC bought a new position in shares of Palmer Square Capital BDC in the third quarter valued at about $230,000. TrueMark Investments LLC bought a new position in shares of Palmer Square Capital BDC in the first quarter valued at about $188,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of Palmer Square Capital BDC during the 4th quarter worth about $305,000. 6.52% of the stock is owned by institutional investors and hedge funds.

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.