Brokerages Set Palmer Square Capital BDC Inc. (NYSE:PSBD) PT at $10.50

Palmer Square Capital BDC Inc. (NYSE:PSBD) has received a consensus recommendation of “Hold” from the five research firms that are covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating. The average 1-year target price among brokerages that have covered the stock in the last year is $10.50.

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company set a $11.50 target price on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. Noble Financial assumed coverage on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. They issued a “neutral” rating for the company. 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. Royal Bank Of Canada lowered their price objective 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. Finally, UBS Group dropped their price objective on shares of Palmer Square Capital BDC from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 1st.

Palmer Square Capital BDC Price Performance

Shares of PSBD opened at $10.18 on Monday. Palmer Square Capital BDC has a 1-year low of $9.34 and a 1-year high of $13.93. The stock has a market cap of $311.86 million, a PE ratio of -10.28 and a beta of 0.87. The firm has a fifty day moving average price of $10.15 and a 200 day moving average price of $10.48.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $13.06 million for the quarter, compared to analysts’ expectations of $25.97 million. As a group, equities analysts expect that Palmer Square Capital BDC will post 1.5 EPS for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Friday, September 25th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.2%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is currently -145.45%.

Insider Transactions at Palmer Square Capital BDC

In related news, major shareholder Martin C. Bicknell purchased 40,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider directly owned 351,988 shares of the company’s stock, valued at approximately $3,716,993.28. The trade was a 12.82% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. OV Management LLC acquired a new position in Palmer Square Capital BDC in the 2nd quarter valued at $38,867,000. Rivernorth Capital Management LLC lifted its stake 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 acquiring an additional 254,061 shares during the period. NewGen Asset Management Ltd purchased a new stake in shares of Palmer Square Capital BDC in the first quarter valued at about $720,000. Bank of America Corp DE boosted its holdings in shares of Palmer Square Capital BDC by 10.9% in the first quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock valued at $5,637,000 after acquiring an additional 56,547 shares in the last quarter. Finally, Closed End Fund Advisors Inc. acquired a new position in shares of Palmer Square Capital BDC during the fourth quarter worth about $2,686,000. 6.52% of the stock is currently owned by hedge funds and other institutional investors.

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.