Palmer Square Capital BDC (NYSE:PSBD) Stock Price Up 2.1% – Still a Buy?

Palmer Square Capital BDC Inc. (NYSE:PSBD)’s stock price rose 2.1% during trading on Monday . The stock traded as high as $10.43 and last traded at $10.3250. Approximately 253,486 shares were traded during trading, an increase of 253% from the average daily volume of 71,826 shares. The stock had previously closed at $10.11.

Analyst Upgrades and Downgrades

PSBD has been the subject of several recent analyst reports. UBS Group reduced their price objective on shares of Palmer Square Capital BDC from $13.00 to $11.50 and set a “neutral” rating for the company in a research note on Friday, March 13th. Royal Bank Of Canada reduced their price objective on shares of Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating for the company in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Palmer Square Capital BDC currently has an average rating of “Hold” and a consensus price target of $11.88.

Palmer Square Capital BDC Stock Performance

The firm has a market cap of $322.14 million, a PE ratio of -93.86 and a beta of 0.70. The stock’s 50 day simple moving average is $10.73 and its 200 day simple moving average is $11.66.

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

Palmer Square Capital BDC Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Friday, March 27th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 13.9%. The ex-dividend date of this dividend was Friday, March 27th. Palmer Square Capital BDC’s payout ratio is currently -1,309.09%.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds and other institutional investors have recently bought and sold shares of PSBD. Jane Street Group LLC purchased a new position in Palmer Square Capital BDC in the 1st quarter worth approximately $360,000. Bank of America Corp DE grew its stake in Palmer Square Capital BDC by 5.0% in the 2nd quarter. Bank of America Corp DE now owns 300,575 shares of the company’s stock worth $4,196,000 after buying an additional 14,220 shares in the last quarter. Confluence Investment Management LLC lifted its holdings in shares of Palmer Square Capital BDC by 18.7% in the 3rd quarter. Confluence Investment Management LLC now owns 25,763 shares of the company’s stock worth $316,000 after acquiring an additional 4,065 shares during the last quarter. Mid American Wealth Advisory Group Inc. bought a new stake in shares of Palmer Square Capital BDC in the 3rd quarter worth approximately $367,000. Finally, Evolution Wealth Management Inc. bought a new stake in shares of Palmer Square Capital BDC in the 3rd quarter worth approximately $71,000. Hedge funds and other institutional investors own 6.52% of the company’s stock.

About Palmer Square Capital BDC

Palmer Square Capital BDC Inc (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.