Wall Street Zen Upgrades Palmer Square Capital BDC (NYSE:PSBD) to Buy

Key Points

• Wall Street Zen upgraded Palmer Square Capital BDC to “Buy” from “Hold,” though analyst sentiment overall remains cautious: five analysts rate it Hold, with an average price target of $10.50.
• The company reported quarterly EPS of $0.46, beating the $0.40 consensus estimate, while revenue of $26.57 million came in slightly below forecasts.
• PSBD opened at $9.88, near its 52-week low of $9.34; its shares have a 52-week high of $12.61.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued reports about the stock. UBS Group reduced their target price on shares of Palmer Square Capital BDC from $11.00 to $10.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 1st. 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. Five equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $10.50.

Palmer Square Capital BDC Trading Down 0.1%

PSBD stock opened at $9.88 on Friday. Palmer Square Capital BDC has a 52 week low of $9.34 and a 52 week high of $12.61. The firm's 50-day moving average is $9.98 and its two-hundred day moving average is $10.48. The company has a market capitalization of $302.98 million, a price-to-earnings ratio of 6.37 and a beta of 0.85.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.06. The company 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 26.73% and a positive return on equity of 11.22%. On average, equities research analysts predict that Palmer Square Capital BDC will post 1.50 earnings per share for the current year.

Institutional Investors Weigh In On Palmer Square Capital BDC

Institutional investors have recently added to or reduced their stakes in the stock. OV Management LLC purchased a new stake in shares of Palmer Square Capital BDC in the second quarter worth about $38,867,000. Squarepoint Ops LLC purchased a new stake in shares of Palmer Square Capital BDC during the second quarter worth $1,362,000. Rivernorth Capital Management LLC grew its stake in Palmer Square Capital BDC by 43.8% during the first quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company's stock worth $8,154,000 after buying an additional 254,061 shares during the last quarter. NewGen Asset Management Ltd acquired a new position in Palmer Square Capital BDC during the first quarter worth $720,000. Finally, Bank of America Corp DE boosted its stake in Palmer Square Capital BDC by 10.9% in 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 in the last quarter. 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 an externally managed business development company that seeks to provide financing to private middle-market companies. The company focuses primarily on privately originated and negotiated investments in senior secured loans and other debt instruments, with the goal of supporting businesses while generating current income for shareholders.

Palmer Square Capital BDC may invest across a range of industries and capital structures, including first-lien and unitranche loans, second-lien and subordinated debt, and select equity investments.

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