JPMorgan Chase & Co. Issues Pessimistic Forecast for Palmer Square Capital BDC (NYSE:PSBD) Stock Price

Palmer Square Capital BDC (NYSE:PSBD) had its target price cut by research analysts at JPMorgan Chase & Co. from $11.50 to $10.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 3.10% from the stock’s current price.

Other analysts have also issued research reports about the company. Royal Bank Of Canada reduced their target price on Palmer Square Capital BDC from $13.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Thursday, March 5th. UBS Group lowered 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 investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $11.88.

Palmer Square Capital BDC Price Performance

Shares of NYSE PSBD opened at $10.32 on Friday. The company has a market cap of $321.97 million, a P/E ratio of -93.82 and a beta of 0.78. The firm has a 50-day simple moving average of $11.44 and a two-hundred day simple moving average of $12.17. Palmer Square Capital BDC has a 1 year low of $10.10 and a 1 year high of $15.30.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of ($0.31) million during the quarter, compared to analysts’ expectations of $30.11 million. As a group, equities research analysts expect that Palmer Square Capital BDC will post 1.96 EPS for the current year.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rivernorth Capital Management LLC purchased a new position in shares of Palmer Square Capital BDC during the fourth quarter valued at $7,077,000. Sunesis Advisors LLC purchased a new stake in Palmer Square Capital BDC in the third quarter worth about $3,668,000. Closed End Fund Advisors Inc. purchased a new stake in Palmer Square Capital BDC in the fourth quarter worth about $2,686,000. UMB Bank n.a. bought a new position in Palmer Square Capital BDC during the 3rd quarter worth about $1,000,000. Finally, Two Sigma Investments LP grew its holdings in Palmer Square Capital BDC by 142.9% during the 3rd quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock worth $1,614,000 after acquiring an additional 77,393 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 (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.