Palmer Square Capital BDC Inc. (NYSE:PSBD) Given Average Rating of “Reduce” by Analysts

Palmer Square Capital BDC Inc. (NYSE:PSBD) has earned an average recommendation of “Reduce” from the five research firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $10.6667.

A number of equities analysts recently weighed in on the stock. UBS Group lowered their target price on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research note on Monday, April 20th. Noble Financial began coverage on shares of Palmer Square Capital BDC in a research note on Wednesday. They issued a “neutral” rating for the company. Royal Bank Of Canada decreased their price target on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 27th. Zacks Research downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research note on Friday, May 22nd. Finally, Wall Street Zen downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th.

Palmer Square Capital BDC Stock Up 0.4%

Shares of NYSE PSBD opened at $10.74 on Wednesday. Palmer Square Capital BDC has a twelve month low of $9.34 and a twelve month high of $14.98. The firm has a fifty day simple moving average of $10.77 and a 200 day simple moving average of $11.14. The company has a market capitalization of $334.23 million, a PE ratio of -10.33 and a beta of 0.83.

Palmer Square Capital BDC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Friday, June 26th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 13.4%. The ex-dividend date of this dividend is Friday, June 26th. Palmer Square Capital BDC’s payout ratio is -138.46%.

Institutional Investors Weigh In On Palmer Square Capital BDC

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rivernorth Capital Management LLC increased its stake in Palmer Square Capital BDC by 43.8% in the first quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock valued at $8,154,000 after purchasing an additional 254,061 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Palmer Square Capital BDC by 10.9% during the first quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock valued at $5,637,000 after buying an additional 56,547 shares during the last quarter. Closed End Fund Advisors Inc. acquired a new position in shares of Palmer Square Capital BDC during the fourth quarter valued at about $2,686,000. Renaissance Technologies LLC grew 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 buying an additional 28,900 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Palmer Square Capital BDC by 2.0% during the third quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock valued at $1,647,000 after buying an additional 2,638 shares during the last quarter. 6.52% of the stock is owned by institutional investors.

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.