Palmer Square Capital BDC (NYSE:PSBD) Shares Down 0.7% – What’s Next?

Palmer Square Capital BDC Inc. (NYSE:PSBD) fell 0.7% during mid-day trading on Thursday . The stock traded as low as $11.80 and last traded at $11.95. 420,315 shares changed hands during mid-day trading, an increase of 478% from the average session volume of 72,738 shares. The stock had previously closed at $12.04.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PSBD shares. UBS Group cut their price target on Palmer Square Capital BDC from $13.50 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, November 19th. Royal Bank Of Canada lowered shares of Palmer Square Capital BDC from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $12.00 price target (down previously from $14.00) on shares of Palmer Square Capital BDC in a research note on Wednesday, October 1st. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Palmer Square Capital BDC currently has a consensus rating of “Hold” and a consensus price target of $13.00.

Palmer Square Capital BDC Stock Performance

The company has a market capitalization of $376.56 million, a PE ratio of 27.82 and a beta of 0.70. The company’s 50-day simple moving average is $12.22 and its 200-day simple moving average is $13.22.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. The firm had revenue of $31.69 million for the quarter, compared to analysts’ expectations of $30.61 million. Palmer Square Capital BDC had a return on equity of 10.77% and a net margin of 10.85%. Analysts expect that Palmer Square Capital BDC Inc. will post 1.96 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 14th. Stockholders of record on Monday, December 29th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Monday, December 29th. This represents a $1.44 annualized dividend and a dividend yield of 12.0%. Palmer Square Capital BDC’s payout ratio is presently 334.88%.

Hedge Funds Weigh In On Palmer Square Capital BDC

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Evolution Wealth Management Inc. acquired a new stake in shares of Palmer Square Capital BDC in the 3rd quarter valued at approximately $71,000. Gibson Capital LLC acquired a new stake in Palmer Square Capital BDC in the second quarter valued at $174,000. Citadel Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the 3rd quarter worth $230,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Palmer Square Capital BDC during the 3rd quarter worth $301,000. Finally, Confluence Investment Management LLC increased its holdings in shares of Palmer Square Capital BDC by 18.7% in the 3rd quarter. Confluence Investment Management LLC now owns 25,763 shares of the company’s stock valued at $316,000 after purchasing an additional 4,065 shares in the last quarter. Institutional investors and hedge funds own 6.52% of the company’s stock.

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.