Brokerages Set Palmer Square Capital BDC Inc. (NYSE:PSBD) PT at $10.75

Palmer Square Capital BDC Inc. (NYSE:PSBD) has received a consensus rating of “Reduce” from the five ratings firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $10.75.

Several equities analysts have commented on PSBD shares. Zacks Research lowered shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Noble Financial started coverage on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. They issued a “neutral” rating on the stock. UBS Group decreased their target price on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, April 20th. Wall Street Zen downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Wells Fargo & Company set a $11.50 price target on Palmer Square Capital BDC in a research report on Wednesday, June 24th.

Palmer Square Capital BDC Stock Performance

NYSE PSBD opened at $9.79 on Friday. The stock has a 50 day moving average price of $10.58 and a 200-day moving average price of $10.89. Palmer Square Capital BDC has a one year low of $9.34 and a one year high of $14.43. The company has a market capitalization of $304.66 million, a P/E ratio of -9.41 and a beta of 0.81.

Palmer Square Capital BDC Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 26th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 14.7%. The ex-dividend date of this dividend was Friday, June 26th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is presently -138.46%.

Insider Activity at Palmer Square Capital BDC

In related news, major shareholder Martin C. Bicknell bought 40,000 shares of the company’s stock in a transaction dated Monday, July 6th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $422,400.00. Following the acquisition, the insider owned 351,988 shares in the company, valued at $3,716,993.28. This trade represents a 12.82% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders purchased 108,472 shares of company stock valued at $1,155,558. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Rivernorth Capital Management LLC bought a new position in Palmer Square Capital BDC during the 4th quarter valued at about $7,077,000. Closed End Fund Advisors Inc. purchased a new stake in shares of Palmer Square Capital BDC in the fourth quarter worth approximately $2,686,000. Two Sigma Investments LP raised its holdings in shares of Palmer Square Capital BDC by 142.9% in the third quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock worth $1,614,000 after buying an additional 77,393 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Palmer Square Capital BDC during the 4th quarter worth approximately $931,000. Finally, NewGen Asset Management Ltd bought a new stake in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $720,000. 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.