Palmer Square Capital BDC (NYSE:PSBD) Stock Lifted to Buy by Wall Street Zen

Wall Street Zen upgraded shares of Palmer Square Capital BDC (NYSE:PSBD) from a hold rating to a buy rating in a report published on Saturday,Wall Street Zen reports.

PSBD has been the subject of a number of other reports. UBS Group cut their target price on Palmer Square Capital BDC from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, September 1st. Zacks Research upgraded Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Five analysts have rated the stock with a Hold rating. Based on data from MarketBeat, Palmer Square Capital BDC presently has an average rating of “Hold” and a consensus target price of $10.50.

Palmer Square Capital BDC Trading Down 0.1%

Shares of NYSE:PSBD opened at $9.88 on Friday. The company has a 50 day moving average of $9.98 and a 200-day moving average of $10.48. The firm has a market cap of $297.93 million, a P/E ratio of -15.69 and a beta of 0.85. Palmer Square Capital BDC has a twelve month low of $9.34 and a twelve month high of $12.61.

Palmer Square Capital BDC (NYSE:PSBD) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. Palmer Square Capital BDC had a negative net margin of 18.27% and a positive return on equity of 11.16%. The business had revenue of $26.57 million for the quarter, compared to analyst estimates of $26.69 million. Equities research analysts forecast that Palmer Square Capital BDC will post 1.50 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 13th. Shareholders of record on Monday, December 28th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 14.6%. The ex-dividend date of this dividend is Monday, December 28th. Palmer Square Capital BDC’s dividend payout ratio is presently -145.45%.

Hedge Funds Weigh In On Palmer Square Capital BDC

Several large investors have recently made changes to their positions in PSBD. OV Management LLC acquired a new position in shares of Palmer Square Capital BDC in the 2nd quarter worth approximately $38,867,000. Rivernorth Capital Management LLC lifted its stake in Palmer Square Capital BDC by 43.8% during the first quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock valued at $8,154,000 after purchasing an additional 254,061 shares during the last quarter. Bank of America Corp DE boosted its holdings in Palmer Square Capital BDC by 10.9% during the first quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock worth $5,637,000 after buying an additional 56,547 shares in the last quarter. Opal Wealth Advisors LLC boosted its holdings in Palmer Square Capital BDC by 10.4% during the third quarter. Opal Wealth Advisors LLC now owns 175,728 shares of the company’s stock worth $1,738,000 after buying an additional 16,488 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in Palmer Square Capital BDC in the second quarter worth approximately $1,362,000. Institutional investors own 6.52% of the company’s stock.

About Palmer Square Capital BDC

Palmer Square Capital BDC, Inc is an externally managed business development company that seeks to provide financing to private middle-market companies. The company focuses primarily on privately originated and negotiated investments in senior secured loans and other debt instruments, with the goal of supporting businesses while generating current income for shareholders.

Palmer Square Capital BDC may invest across a range of industries and capital structures, including first-lien and unitranche loans, second-lien and subordinated debt, and select equity investments.