Palmer Square Capital BDC (NYSE:PSBD) Stock Price Target Cut by Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut its price target on Palmer Square Capital BDC from $11 to $10 and maintained a “sector perform” rating, implying 1.77% upside from the prior close.
• Analyst sentiment is broadly cautious: five analysts rate the stock “Hold,” with an average price target of $10.25.
• Quarterly EPS of $0.46 beat the $0.40 consensus estimate, while revenue of $26.57 million came in slightly below analyst expectations.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) had its target price decreased by analysts at Royal Bank Of Canada from $11.00 to $10.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 1.77% from the company's previous close.

A number of other research analysts also recently issued reports on PSBD. Zacks Research upgraded shares of Palmer Square Capital BDC from a "strong sell" rating to a "hold" rating in a research report on Monday, August 10th. Wall Street Zen upgraded shares of Palmer Square Capital BDC from a "hold" rating to a "buy" rating in a report on Saturday, November 7th. Finally, UBS Group decreased their price target on shares of Palmer Square Capital BDC from $11.00 to $10.00 and set a "neutral" rating for the company in a research note on Tuesday, September 1st. Five research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $10.25.

Palmer Square Capital BDC Trading Down 1.1%

NYSE:PSBD traded down $0.11 on Thursday, reaching $9.83. 2,512 shares of the stock traded hands, compared to its average volume of 115,225. Palmer Square Capital BDC has a 1-year low of $9.34 and a 1-year high of $12.45. The company's 50 day moving average is $9.95 and its 200-day moving average is $10.45. The firm has a market capitalization of $296.16 million, a price-to-earnings ratio of -15.66 and a beta of 0.85.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. The business had revenue of $26.57 million for the quarter, compared to analyst estimates of $26.69 million. Palmer Square Capital BDC had a negative net margin of 18.27% and a positive return on equity of 11.33%. On average, equities research analysts forecast that Palmer Square Capital BDC will post 1.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Palmer Square Capital BDC

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. AlphaCentric Advisors LLC purchased a new position in shares of Palmer Square Capital BDC in the 3rd quarter worth about $198,000. SMH Capital Advisors Inc. purchased a new stake in shares of Palmer Square Capital BDC during the 3rd quarter worth approximately $192,000. Opal Wealth Advisors LLC increased its stake in shares of Palmer Square Capital BDC by 10.4% during the 3rd quarter. Opal Wealth Advisors LLC now owns 175,728 shares of the company's stock worth $1,738,000 after purchasing an additional 16,488 shares during the last quarter. Thor Investment Management Inc. OH ADV bought a new stake in shares of Palmer Square Capital BDC in the 3rd quarter worth approximately $769,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Palmer Square Capital BDC in the 2nd quarter worth approximately $1,362,000. 6.52% of the stock is owned by hedge funds and other institutional investors.

About Palmer Square Capital BDC

Palmer Square Capital BDC, Inc. is a business development company that seeks to generate income and, to a lesser extent, capital appreciation by investing in corporate credit. Its portfolio is focused primarily on senior secured loans and other debt investments, including loans to U.S. middle-market companies. The company is externally managed by Palmer Square Capital Management, an alternative credit investment manager. Its investment approach draws on the manager's experience in corporate credit and related markets, with an emphasis on evaluating borrowers and structuring investments to manage credit risk.

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