Palmer Square Capital BDC (NYSE:PSBD) Given New $12.00 Price Target at Royal Bank Of Canada

Palmer Square Capital BDC (NYSE:PSBD) had its price target cut by Royal Bank Of Canada from $13.00 to $12.00 in a report issued on Thursday,Benzinga reports. They currently have a sector perform rating on the stock.

Separately, UBS Group cut their target price on shares of Palmer Square Capital BDC from $13.50 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, November 19th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $12.75.

Palmer Square Capital BDC Price Performance

Palmer Square Capital BDC stock opened at $11.10 on Thursday. The firm has a 50 day simple moving average of $11.62 and a 200-day simple moving average of $12.32. The stock has a market capitalization of $346.32 million, a PE ratio of -100.91 and a beta of 0.78. Palmer Square Capital BDC has a 12-month low of $10.10 and a 12-month high of $15.62.

Palmer Square Capital BDC (NYSE:PSBD) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The firm had revenue of ($0.31) million during the quarter, compared to the consensus estimate of $30.11 million. Palmer Square Capital BDC had a positive return on equity of 10.82% and a negative net margin of 2.55%. On average, analysts forecast that Palmer Square Capital BDC will post 1.96 earnings per share for the current fiscal year.

Palmer Square Capital BDC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Friday, March 27th will be paid a $0.36 dividend. The ex-dividend date is Friday, March 27th. This represents a $1.44 dividend on an annualized basis and a yield of 13.0%. Palmer Square Capital BDC’s payout ratio is -1,309.09%.

Institutional Trading of Palmer Square Capital BDC

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rivernorth Capital Management LLC acquired a new stake in shares of Palmer Square Capital BDC in the fourth quarter worth $7,077,000. Bank of America Corp DE lifted its holdings in shares of Palmer Square Capital BDC by 22.1% during the 3rd quarter. Bank of America Corp DE now owns 367,035 shares of the company’s stock worth $4,504,000 after acquiring an additional 66,460 shares during the period. Sunesis Advisors LLC acquired a new stake in shares of Palmer Square Capital BDC during the 3rd quarter valued at about $3,668,000. Closed End Fund Advisors Inc. bought a new stake in Palmer Square Capital BDC in the fourth quarter valued at about $2,686,000. Finally, Renaissance Technologies LLC increased its stake in Palmer Square Capital BDC by 18.8% in the fourth quarter. Renaissance Technologies LLC now owns 183,000 shares of the company’s stock valued at $2,231,000 after acquiring an additional 28,900 shares during the period. Institutional investors and hedge funds own 6.52% of the company’s stock.

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.