Palmer Square Capital BDC Inc. (NYSE:PSBD) Given Consensus Rating of “Reduce” by Brokerages

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) have been assigned a consensus rating of “Reduce” from the five brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $10.6667.

A number of analysts have weighed in on PSBD shares. Royal Bank Of Canada cut their target price on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 27th. Noble Financial started coverage on shares of Palmer Square Capital BDC in a research report on Wednesday. They issued a “neutral” rating on the stock. Zacks Research lowered shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. UBS Group cut their target price on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, April 20th. Finally, JPMorgan Chase & Co. cut their target price on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds have recently modified their holdings of PSBD. Rivernorth Capital Management LLC bought a new position in Palmer Square Capital BDC during the fourth quarter worth $7,077,000. Closed End Fund Advisors Inc. bought a new position in Palmer Square Capital BDC during the fourth quarter worth $2,686,000. Two Sigma Investments LP raised its stake in Palmer Square Capital BDC by 142.9% during the third quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock worth $1,614,000 after buying an additional 77,393 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Palmer Square Capital BDC during the fourth quarter worth $931,000. Finally, NewGen Asset Management Ltd bought a new position in Palmer Square Capital BDC during the first quarter worth $720,000. Institutional investors and hedge funds own 6.52% of the company’s stock.

Palmer Square Capital BDC Price Performance

Shares of Palmer Square Capital BDC stock opened at $10.74 on Wednesday. Palmer Square Capital BDC has a fifty-two week low of $9.34 and a fifty-two week high of $14.98. The firm has a market capitalization of $334.23 million, a P/E ratio of -10.33 and a beta of 0.83. The company’s 50 day moving average price is $10.77 and its two-hundred day moving average price is $11.14.

Palmer Square Capital BDC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 26th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.4%. The ex-dividend date is Friday, June 26th. Palmer Square Capital BDC’s payout ratio is -138.46%.

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.