Palmer Square Capital BDC (NYSE:PSBD) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Palmer Square Capital BDC (NYSE:PSBD) from a hold rating to a sell rating in a report issued on Saturday morning.

A number of other equities research analysts have also recently issued reports on the stock. Royal Bank Of Canada cut 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 note on Thursday, March 5th. JPMorgan Chase & Co. cut their price objective on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Finally, UBS Group cut their price objective on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research note on Monday, April 20th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.00.

Palmer Square Capital BDC Price Performance

Shares of NYSE:PSBD opened at $10.97 on Friday. The company’s fifty day moving average price is $10.57 and its 200-day moving average price is $11.48. The firm has a market capitalization of $341.26 million, a price-to-earnings ratio of -10.54 and a beta of 0.87. Palmer Square Capital BDC has a one year low of $9.34 and a one year high of $14.98.

Palmer Square Capital BDC (NYSE:PSBD) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). Palmer Square Capital BDC had a negative net margin of 26.82% and a positive return on equity of 10.60%. The business had revenue of ($0.31) million during the quarter, compared to analysts’ expectations of $30.11 million. As a group, equities research analysts expect that Palmer Square Capital BDC will post 1.5 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Friday, June 26th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, June 26th. This represents a $1.44 annualized dividend and a yield of 13.1%. Palmer Square Capital BDC’s dividend payout ratio is presently -138.46%.

Institutional Investors Weigh In On Palmer Square Capital BDC

Institutional investors have recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC purchased a new stake in Palmer Square Capital BDC during the 1st quarter valued at $33,000. Harbour Investments Inc. purchased a new stake in Palmer Square Capital BDC during the 4th quarter valued at $85,000. Citadel Advisors LLC purchased a new stake in Palmer Square Capital BDC during the 3rd quarter valued at $230,000. TrueMark Investments LLC purchased a new stake in Palmer Square Capital BDC during the 1st quarter valued at $188,000. Finally, Prime Capital Investment Advisors LLC purchased a new stake in Palmer Square Capital BDC during the 3rd quarter valued at $301,000. Hedge funds and other institutional investors own 6.52% of the company’s stock.

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.