Palmer Square Capital BDC (NYSE:PSBD) Share Price Crosses Below Fifty Day Moving Average – Should You Sell?

Palmer Square Capital BDC Inc. (NYSE:PSBD)’s share price crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $10.00 and traded as low as $9.62. Palmer Square Capital BDC shares last traded at $9.8750, with a volume of 133,197 shares trading hands.

Analyst Ratings Changes

PSBD has been the topic of several research reports. UBS Group reduced their price target on Palmer Square Capital BDC from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, September 1st. Zacks Research upgraded shares of Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. Finally, Wall Street Zen raised Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Five analysts have rated the stock with a Hold rating. According to data from MarketBeat, Palmer Square Capital BDC has an average rating of “Hold” and an average target price of $10.50.

Palmer Square Capital BDC Trading Down 1.9%

The firm has a 50-day moving average of $10.00 and a 200 day moving average of $10.51. The company has a market cap of $302.67 million, a P/E ratio of -9.97 and a beta of 0.85.

Palmer Square Capital BDC (NYSE:PSBD) last issued its 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). Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%. The business had revenue of $27.30 million during the quarter, compared to the consensus estimate of $25.97 million. On average, equities analysts predict that Palmer Square Capital BDC Inc. will post 1.50 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 13th. Stockholders of record on Friday, September 25th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, September 25th. This represents a $1.44 annualized dividend and a dividend yield of 14.6%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is -145.45%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. OV Management LLC acquired a new stake in Palmer Square Capital BDC in the second quarter worth $38,867,000. Rivernorth Capital Management LLC raised its holdings in shares of 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 period. Squarepoint Ops LLC acquired a new position in shares of Palmer Square Capital BDC during the second quarter valued at about $1,362,000. Thor Investment Management Inc. OH ADV acquired a new position in shares of Palmer Square Capital BDC during the third quarter valued at about $769,000. Finally, NewGen Asset Management Ltd bought a new position in shares of Palmer Square Capital BDC during the 1st quarter worth about $720,000. Institutional investors and hedge funds 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.