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

Palmer Square Capital BDC (NYSE:PSBD) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other research analysts have also recently issued reports on the company. UBS Group reduced their price objective on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, April 20th. Royal Bank Of Canada reduced their price objective on Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a research note on Friday, March 13th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Palmer Square Capital BDC Trading Down 0.2%

Shares of NYSE:PSBD opened at $10.97 on Friday. The stock’s 50-day moving average price is $10.57 and its 200-day moving average price is $11.48. Palmer Square Capital BDC has a 12-month low of $9.34 and a 12-month high of $14.98. The stock has a market capitalization of $341.26 million, a P/E ratio of -10.54 and a beta of 0.87.

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 11.01%. The company had revenue of ($0.31) million for the quarter, compared to the consensus estimate of $30.11 million. As a group, research analysts predict that Palmer Square Capital BDC will post 1.5 EPS for the current year.

Institutional Trading of Palmer Square Capital BDC

Several institutional investors and hedge funds have recently bought and sold shares of PSBD. Rivernorth Capital Management LLC purchased a new stake in Palmer Square Capital BDC in the fourth quarter worth about $7,077,000. Sunesis Advisors LLC purchased a new stake in Palmer Square Capital BDC in the third quarter worth about $3,668,000. Closed End Fund Advisors Inc. purchased a new stake in Palmer Square Capital BDC in the fourth quarter worth about $2,686,000. UMB Bank n.a. purchased a new stake in Palmer Square Capital BDC in the third quarter worth about $1,000,000. Finally, Two Sigma Investments LP lifted its holdings in Palmer Square Capital BDC by 142.9% in the third quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock worth $1,614,000 after buying an additional 77,393 shares during the period. 6.52% of the stock is currently owned by hedge funds and other institutional investors.

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.