Palmer Square Capital BDC Inc. (NYSE:PSBD) Receives $10.50 Average Price Target from Analysts

Palmer Square Capital BDC Inc. (NYSE:PSBD) has been assigned an average recommendation of “Hold” from the five brokerages that are covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $10.50.

Several analysts recently commented on PSBD shares. UBS Group cut their target price on shares of Palmer Square Capital BDC from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, September 1st. JPMorgan Chase & Co. decreased their price target on shares of Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Wall Street Zen raised Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research upgraded Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Noble Financial began coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating for the company.

Palmer Square Capital BDC Trading Down 0.3%

Shares of Palmer Square Capital BDC stock opened at $10.23 on Monday. The company’s 50-day moving average price is $10.17 and its two-hundred day moving average price is $10.48. Palmer Square Capital BDC has a 52 week low of $9.34 and a 52 week high of $13.93. The stock has a market cap of $313.58 million, a PE ratio of -10.33 and a beta of 0.87.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.16). The business had revenue of $13.06 million during the quarter, compared to analyst estimates of $25.97 million. Palmer Square Capital BDC had a negative net margin of 26.73% and a positive return on equity of 11.22%. On average, equities analysts predict 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 announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Friday, September 25th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 14.1%. The ex-dividend date of this dividend is Friday, September 25th. Palmer Square Capital BDC’s dividend payout ratio is currently -145.45%.

Insider Buying and Selling at Palmer Square Capital BDC

In related news, major shareholder Martin C. Bicknell purchased 40,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was acquired 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 $3,716,993.28. This trade represents a 12.82% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Institutional Trading of Palmer Square Capital BDC

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Catalyst Capital Advisors LLC acquired a new position in shares of Palmer Square Capital BDC in the first quarter worth about $33,000. Harbour Investments Inc. acquired a new stake in shares of Palmer Square Capital BDC during the fourth quarter valued at approximately $85,000. TrueMark Investments LLC acquired a new stake in shares of Palmer Square Capital BDC during the first quarter valued at approximately $188,000. Citadel Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC in the 3rd quarter valued at approximately $230,000. Finally, Nottingham Advisors Inc. purchased a new stake in shares of Palmer Square Capital BDC in the first quarter valued at $305,000. 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.