Palmer Square Capital BDC (NYSE:PSBD) Downgraded to “Hold” Rating by Royal Bank Of Canada

Royal Bank Of Canada downgraded shares of Palmer Square Capital BDC (NYSE:PSBD) from a moderate buy rating to a hold rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

Several other brokerages have also issued reports on PSBD. UBS Group reduced their target price on Palmer Square Capital BDC from $13.50 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 19th. JPMorgan Chase & Co. restated a “neutral” rating and set a $12.00 price target (down previously from $14.00) on shares of Palmer Square Capital BDC in a research note on Wednesday, October 1st. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $13.00.

Palmer Square Capital BDC Trading Down 1.3%

Shares of Palmer Square Capital BDC stock opened at $12.23 on Wednesday. The firm has a market cap of $385.00 million, a PE ratio of 28.44 and a beta of 0.71. The stock has a 50 day moving average of $12.40 and a 200 day moving average of $13.41. Palmer Square Capital BDC has a 12 month low of $11.51 and a 12 month high of $16.25.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $31.69 million during the quarter, compared to analyst estimates of $30.61 million. Palmer Square Capital BDC had a return on equity of 10.77% and a net margin of 10.85%. As a group, equities research analysts forecast that Palmer Square Capital BDC will post 1.96 earnings per share for the current fiscal year.

Palmer Square Capital BDC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 14th. Investors of record on Monday, December 29th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 11.8%. The ex-dividend date of this dividend is Monday, December 29th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is currently 334.88%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PSBD. Evolution Wealth Management Inc. acquired a new stake in shares of Palmer Square Capital BDC during the 3rd quarter worth approximately $71,000. Gibson Capital LLC purchased a new position in Palmer Square Capital BDC in the second quarter worth approximately $174,000. Citadel Advisors LLC acquired a new stake in Palmer Square Capital BDC during the third quarter worth $230,000. Prime Capital Investment Advisors LLC purchased a new stake in Palmer Square Capital BDC in the third quarter valued at $301,000. Finally, Confluence Investment Management LLC lifted its stake 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 valued at $316,000 after purchasing an additional 4,065 shares during the last quarter. Institutional investors and hedge funds own 6.52% of the company’s stock.

About Palmer Square Capital BDC

Palmer Square Capital BDC Inc is an externally managed, non-diversified closed-end management investment company which primarily lends to and invests in corporate debt securities, including small to large private U.S. companies and has elected to be regulated as a business development company. Palmer Square Capital BDC Inc is based in MISSION WOODS, Kan.