Brokerages Set Palmer Square Capital BDC Inc. (NYSE:PSBD) Target Price at $10.75

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) have been assigned a consensus rating of “Hold” from the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $10.75.

A number of analysts recently weighed in on PSBD shares. Zacks Research upgraded Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. Wells Fargo & Company set a $11.50 price target on Palmer Square Capital BDC in a research report on Wednesday, June 24th. Noble Financial began coverage on Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating for the company. Wall Street Zen raised Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, UBS Group lowered their price objective on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research report on Monday, April 20th.

Palmer Square Capital BDC Trading Down 2.1%

NYSE:PSBD opened at $10.19 on Thursday. The stock’s 50-day moving average is $10.29 and its 200-day moving average is $10.62. Palmer Square Capital BDC has a 1-year low of $9.34 and a 1-year high of $14.43. The stock has a market cap of $312.33 million, a P/E ratio of -10.29 and a beta of 0.84.

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 analysts’ consensus estimates of $0.43 by ($0.16). Palmer Square Capital BDC had a negative net margin of 26.73% and a positive return on equity of 11.22%. The business had revenue of $13.06 million during the quarter, compared to the consensus estimate of $25.97 million. As a group, equities analysts forecast that Palmer Square Capital BDC will post 1.47 EPS for the current year.

Palmer Square Capital BDC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Friday, September 25th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a 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 Transactions at Palmer Square Capital BDC

In other news, major shareholder Martin C. Bicknell purchased 40,000 shares of the company’s stock in a transaction dated 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 owned 351,988 shares of the company’s stock, valued at approximately $3,716,993.28. This trade represents a 12.82% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have purchased 108,472 shares of company stock worth $1,155,558. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palmer Square Capital BDC

Large investors have recently modified their holdings of the company. OV Management LLC bought a new position in Palmer Square Capital BDC during the second quarter worth $38,867,000. Bank of America Corp DE boosted its position in shares of Palmer Square Capital BDC by 10.9% during the 1st quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock valued at $5,637,000 after purchasing an additional 56,547 shares in the last quarter. Rivernorth Capital Management LLC grew 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 worth $8,154,000 after purchasing an additional 254,061 shares during the period. NewGen Asset Management Ltd bought a new stake in Palmer Square Capital BDC in the first quarter worth approximately $720,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $33,000. 6.52% of the stock is currently owned by institutional investors and hedge funds.

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.