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

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) passed 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.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PSBD. UBS Group reduced their price objective on Palmer Square Capital BDC from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, September 1st. Zacks Research raised Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Wall Street Zen raised shares of Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Five investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, Palmer Square Capital BDC presently has a consensus rating of “Hold” and a consensus price target of $10.50.

Palmer Square Capital BDC Trading Down 1.9%

The business has a fifty 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 PE ratio of -9.97 and a beta of 0.85.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.16). The business had revenue of $27.30 million during the quarter, compared to analysts’ expectations of $25.97 million. Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%. As a group, research analysts predict that Palmer Square Capital BDC Inc. will post 1.50 EPS for the current year.

Palmer Square Capital BDC Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 13th. Stockholders of record on Friday, September 25th were paid 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 payout ratio is -145.45%.

Institutional Investors Weigh In On Palmer Square Capital BDC

Large investors have recently modified their holdings of the stock. OV Management LLC bought a new stake in Palmer Square Capital BDC during the 2nd quarter valued at approximately $38,867,000. Squarepoint Ops LLC purchased a new position in shares of Palmer Square Capital BDC during the 2nd quarter worth approximately $1,362,000. Rivernorth Capital Management LLC raised its position in shares of Palmer Square Capital BDC by 43.8% in the 1st quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock worth $8,154,000 after acquiring an additional 254,061 shares in the last quarter. NewGen Asset Management Ltd bought a new position in shares of Palmer Square Capital BDC in the 1st quarter worth approximately $720,000. Finally, Bank of America Corp DE raised its position in shares of Palmer Square Capital BDC by 10.9% in the 1st quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock worth $5,637,000 after acquiring an additional 56,547 shares in the last quarter. Institutional investors own 6.52% of the company’s stock.

Palmer Square Capital BDC Company Profile

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.