Palmer Square Capital BDC Inc. (NYSE:PSBD) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Analysts unanimously rate Palmer Square Capital BDC “Hold.” Five analysts have issued hold/neutral ratings, with an average 12-month price target of $10.75 versus the stock’s recent price of $10.37.
• Recent quarterly results missed expectations. PSBD reported earnings of $0.27 per share and revenue of $13.06 million, below analyst estimates of $0.43 EPS and $25.97 million in revenue.
• The company declared a quarterly dividend of $0.36 per share, or $1.44 annualized, implying a 13.9% yield. Insiders have also purchased 108,472 shares over the past three months.

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD - Get Free Report) have been given a consensus rating of "Hold" by the five brokerages that are presently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating. The average 12 month price objective among brokers that have covered the stock in the last year is $10.75.

Several analysts have weighed in on PSBD shares. JPMorgan Chase & Co. dropped their price objective on Palmer Square Capital BDC from $10.00 to $9.50 and set a "neutral" rating for the company in a report on Thursday, July 2nd. UBS Group reduced 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 note on Monday, April 20th. Noble Financial started coverage on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a "neutral" rating for the company. Zacks Research raised shares of Palmer Square Capital BDC from a "strong sell" rating to a "hold" rating in a research note on Monday. Finally, Wells Fargo & Company set a $11.50 price objective on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th.

Palmer Square Capital BDC Stock Performance

Shares of PSBD opened at $10.37 on Thursday. The business's fifty day moving average price is $10.32 and its two-hundred day moving average price is $10.65. The firm has a market capitalization of $317.84 million, a price-to-earnings ratio of -10.47 and a beta of 0.84. Palmer Square Capital BDC has a 52 week low of $9.34 and a 52 week high of $14.43.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.16). The firm had revenue of $13.06 million for the quarter, compared to the consensus estimate of $25.97 million. Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%. As a group, research analysts forecast that Palmer Square Capital BDC will post 1.47 EPS for the current year.

Palmer Square Capital BDC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Friday, September 25th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, September 25th. This represents a $1.44 annualized dividend and a dividend yield of 13.9%. Palmer Square Capital BDC's payout ratio is presently -145.45%.

Insider Activity at Palmer Square Capital BDC

In related news, major shareholder Martin C. Bicknell purchased 21,484 shares of the business's stock in a transaction dated Tuesday, July 7th. The shares were bought at an average price of $10.47 per share, with a total value of $224,937.48. Following the purchase, the insider directly owned 373,472 shares in the company, valued at $3,910,251.84. This trade represents a 6.10% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders have acquired 108,472 shares of company stock worth $1,155,558. Insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On Palmer Square Capital BDC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSBD. Catalyst Capital Advisors LLC acquired a new position in Palmer Square Capital BDC in the first quarter valued at about $33,000. Harbour Investments Inc. acquired a new position in shares of Palmer Square Capital BDC during the 4th quarter worth about $85,000. TrueMark Investments LLC acquired a new position in shares of Palmer Square Capital BDC during the 1st quarter worth about $188,000. Citadel Advisors LLC bought a new stake in shares of Palmer Square Capital BDC in the 3rd quarter valued at about $230,000. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Palmer Square Capital BDC in the 4th quarter valued at about $305,000. Institutional investors own 6.52% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source