JPMorgan Chase & Co. Issues Pessimistic Forecast for Palmer Square Capital BDC (NYSE:PSBD) Stock Price

Palmer Square Capital BDC (NYSE:PSBD) had its target price dropped by investment analysts at JPMorgan Chase & Co. from $11.50 to $10.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 3.75% from the stock’s current price.

A number of other equities research analysts also recently commented on PSBD. UBS Group dropped their price objective on shares of Palmer Square Capital BDC from $13.50 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 19th. Royal Bank Of Canada decreased their price objective on shares of Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating for the company in a research report on Thursday, March 5th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Palmer Square Capital BDC has an average rating of “Hold” and an average price target of $12.25.

Palmer Square Capital BDC Trading Down 2.1%

NYSE:PSBD traded down $0.22 during midday trading on Friday, reaching $10.39. The company had a trading volume of 15,928 shares, compared to its average volume of 84,406. Palmer Square Capital BDC has a 12-month low of $10.10 and a 12-month high of $15.30. The firm has a market capitalization of $324.17 million, a price-to-earnings ratio of -94.45 and a beta of 0.78. The stock’s fifty day simple moving average is $11.48 and its 200-day simple moving average is $12.21.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). Palmer Square Capital BDC had a positive return on equity of 10.82% and a negative net margin of 2.55%.The company had revenue of ($0.31) million for the quarter, compared to analysts’ expectations of $30.11 million. As a group, sell-side analysts expect that Palmer Square Capital BDC will post 1.96 EPS for the current year.

Institutional Investors Weigh In On Palmer Square Capital BDC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Evolution Wealth Management Inc. acquired a new position in Palmer Square Capital BDC in the third quarter valued at $71,000. Harbour Investments Inc. acquired a new stake in shares of Palmer Square Capital BDC during the fourth quarter worth about $85,000. Citadel Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC in the 3rd quarter valued at about $230,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of Palmer Square Capital BDC in the 3rd quarter valued at about $301,000. Finally, Clear Harbor Asset Management LLC acquired a new position in Palmer Square Capital BDC during the fourth quarter worth approximately $305,000. 6.52% of the stock is currently 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.