Royal Bank Of Canada Cuts Palmer Square Capital BDC (NYSE:PSBD) Price Target to $12.00

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

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

Palmer Square Capital BDC Trading Down 1.2%

Palmer Square Capital BDC stock opened at $10.97 on Thursday. The stock has a fifty day moving average price of $11.59 and a 200 day moving average price of $12.29. Palmer Square Capital BDC has a 52 week low of $10.10 and a 52 week high of $15.62. The firm has a market capitalization of $342.26 million, a P/E ratio of -99.73 and a beta of 0.78.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.01). The company had revenue of ($0.31) million for the quarter, compared to analyst estimates 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%. As a group, equities analysts predict that Palmer Square Capital BDC will post 1.96 EPS for the current year.

Palmer Square Capital BDC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Friday, March 27th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 13.1%. The ex-dividend date of this dividend is Friday, March 27th. Palmer Square Capital BDC’s dividend payout ratio is currently -1,309.09%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd acquired a new stake in Palmer Square Capital BDC in the 4th quarter valued at approximately $351,000. Rivernorth Capital Management LLC acquired a new position in Palmer Square Capital BDC during the 4th quarter worth $7,077,000. Trexquant Investment LP grew its stake in shares of Palmer Square Capital BDC by 17.6% in the fourth quarter. Trexquant Investment LP now owns 50,118 shares of the company’s stock worth $611,000 after purchasing an additional 7,496 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Palmer Square Capital BDC by 187.3% in the fourth quarter. Jane Street Group LLC now owns 39,531 shares of the company’s stock worth $482,000 after purchasing an additional 25,771 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Palmer Square Capital BDC by 18.8% during the fourth quarter. Renaissance Technologies LLC now owns 183,000 shares of the company’s stock valued at $2,231,000 after purchasing an additional 28,900 shares during the period. 6.52% of the stock is currently owned by institutional investors.

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.