Palmer Square Capital BDC (NYSE:PSBD) Stock Price Target Cut by Royal Bank Of Canada

Palmer Square Capital BDC (NYSE:PSBD) had its price target lowered by equities researchers at Royal Bank Of Canada from $11.00 to $10.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada‘s target price would suggest a potential upside of 1.77% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. UBS Group reduced their target price on shares of 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. Wall Street Zen raised shares of Palmer Square Capital BDC from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Finally, Zacks Research upgraded shares of Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Five investment analysts have rated the stock with a Hold rating. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $10.25.

Palmer Square Capital BDC Trading Down 1.1%

Shares of PSBD stock traded down $0.11 on Thursday, hitting $9.83. 2,512 shares of the stock were exchanged, compared to its average volume of 115,225. The firm’s 50 day moving average is $9.95 and its two-hundred day moving average is $10.45. Palmer Square Capital BDC has a one year low of $9.34 and a one year high of $12.45. The firm has a market capitalization of $296.16 million, a PE ratio of -15.66 and a beta of 0.85.

Palmer Square Capital BDC (NYSE:PSBD) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. The business had revenue of $26.57 million for the quarter, compared to analysts’ expectations of $26.69 million. Palmer Square Capital BDC had a positive return on equity of 11.33% and a negative net margin of 18.27%. On average, sell-side analysts expect that Palmer Square Capital BDC will post 1.51 earnings per share for the current year.

Institutional Investors Weigh In On Palmer Square Capital BDC

A number of institutional investors have recently made changes to their positions in PSBD. OV Management LLC purchased a new position in Palmer Square Capital BDC in the 2nd quarter worth $38,867,000. Rivernorth Capital Management LLC lifted its stake 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 valued at $8,154,000 after acquiring an additional 254,061 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Palmer Square Capital BDC during the 2nd quarter valued at about $1,362,000. Thor Investment Management Inc. OH ADV purchased a new stake in Palmer Square Capital BDC during the 3rd quarter valued at about $769,000. Finally, NewGen Asset Management Ltd purchased a new stake in Palmer Square Capital BDC during the 1st quarter valued at about $720,000. Hedge funds and other institutional investors own 6.52% of the company’s stock.

About Palmer Square Capital BDC

Palmer Square Capital BDC, Inc. is a business development company that seeks to generate income and, to a lesser extent, capital appreciation by investing in corporate credit. Its portfolio is focused primarily on senior secured loans and other debt investments, including loans to U.S. middle-market companies. The company is externally managed by Palmer Square Capital Management, an alternative credit investment manager. Its investment approach draws on the manager’s experience in corporate credit and related markets, with an emphasis on evaluating borrowers and structuring investments to manage credit risk.