Palmer Square Capital BDC (NYSE:PSBD) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Palmer Square Capital BDC to “Hold” from “Strong Sell,” while the broader analyst consensus remains “Hold” with an average price target of $10.75.
• PSBD reported disappointing quarterly results, earning $0.27 per share versus the $0.43 consensus estimate and generating $13.06 million in revenue versus expectations of $25.97 million.
• The stock opened at $10.43 and has traded between $9.34 and $14.43 over the past year; insiders have recently purchased 108,472 shares worth approximately $1.16 million.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on PSBD. JPMorgan Chase & Co. lowered their price objective on Palmer Square Capital BDC from $10.00 to $9.50 and set a "neutral" rating on the stock in a research note on Thursday, July 2nd. UBS Group dropped their price target 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 assumed coverage on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. They issued a "neutral" rating for the company. Wells Fargo & Company set a $11.50 price objective on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. Finally, Royal Bank Of Canada dropped their target price on Palmer Square Capital BDC from $12.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Wednesday, May 27th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $10.75.

Palmer Square Capital BDC Trading Down 0.2%

Palmer Square Capital BDC stock opened at $10.43 on Monday. Palmer Square Capital BDC has a 12 month low of $9.34 and a 12 month high of $14.43. The business's 50 day simple moving average is $10.32 and its 200 day simple moving average is $10.66. The company has a market cap of $319.72 million, a price-to-earnings ratio of -10.54 and a beta of 0.85.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.16). Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%.The firm had revenue of $13.06 million during the quarter, compared to analysts' expectations of $25.97 million. As a group, equities research analysts forecast that Palmer Square Capital BDC will post 1.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Martin C. Bicknell bought 40,000 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were acquired at an average price of $10.56 per share, with a total value of $422,400.00. Following the acquisition, the insider owned 351,988 shares of the company's stock, valued at approximately $3,716,993.28. The trade was a 12.82% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders have purchased a total of 108,472 shares of company stock worth $1,155,558 over the last three months. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Catalyst Capital Advisors LLC bought a new position in shares of Palmer Square Capital BDC in the first quarter worth $33,000. Harbour Investments Inc. purchased a new position in Palmer Square Capital BDC during the fourth quarter worth about $85,000. TrueMark Investments LLC bought a new position in Palmer Square Capital BDC in the 1st quarter worth about $188,000. Citadel Advisors LLC purchased 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 purchased a new stake in shares of Palmer Square Capital BDC in the 4th quarter valued at about $305,000. 6.52% of the stock is currently owned by hedge funds and other institutional investors.

Palmer Square Capital BDC Company Profile

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.

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