Palmer Square Capital BDC Inc. (NYSE:PSBD) Receives Consensus Recommendation of “Reduce” from Analysts

Palmer Square Capital BDC Inc. (NYSE:PSBD) has been given a consensus recommendation of “Reduce” by the five brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $10.75.

A number of equities research analysts have recently commented on PSBD shares. Royal Bank Of Canada reduced their target price on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating for the company in a research report on Wednesday, May 27th. JPMorgan Chase & Co. lowered 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. Wells Fargo & Company set a $11.50 price objective on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. UBS Group cut their price objective on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a report on Monday, April 20th. Finally, Noble Financial began coverage on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating on the stock.

Insider Buying and Selling

In related news, major shareholder Martin C. Bicknell acquired 40,000 shares of Palmer Square Capital BDC stock in a transaction that occurred on 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 completion of the transaction, the insider owned 351,988 shares in the company, valued at $3,716,993.28. This represents a 12.82% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 108,472 shares of company stock worth $1,155,558 in the last quarter. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Palmer Square Capital BDC

A number of hedge funds and other institutional investors have recently modified their holdings of PSBD. Jane Street Group LLC purchased a new stake in shares of Palmer Square Capital BDC in the first quarter valued at about $360,000. Bank of America Corp DE raised its stake in Palmer Square Capital BDC by 5.0% during the second quarter. Bank of America Corp DE now owns 300,575 shares of the company’s stock worth $4,196,000 after purchasing an additional 14,220 shares during the period. Two Sigma Investments LP raised its stake in Palmer Square Capital BDC by 142.9% during the third quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock worth $1,614,000 after purchasing an additional 77,393 shares during the period. Citadel Advisors LLC acquired a new position in Palmer Square Capital BDC in the 3rd quarter valued at about $230,000. Finally, Millennium Management LLC boosted its holdings in Palmer Square Capital BDC by 2.0% in the 3rd quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock valued at $1,647,000 after purchasing an additional 2,638 shares during the last quarter. 6.52% of the stock is owned by institutional investors and hedge funds.

Palmer Square Capital BDC Stock Performance

Shares of PSBD stock opened at $9.84 on Friday. Palmer Square Capital BDC has a fifty-two week low of $9.34 and a fifty-two week high of $14.43. The stock’s fifty day moving average is $10.62 and its two-hundred day moving average is $10.93. The firm has a market capitalization of $306.25 million, a P/E ratio of -9.46 and a beta of 0.81.

Palmer Square Capital BDC Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 26th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 14.6%. The ex-dividend date of this dividend was Friday, June 26th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is currently -138.46%.

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.