Palmer Square Capital BDC (NYSE:PSBD) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Palmer Square Capital BDC from “sell” to “hold,” though the broader analyst consensus remains “Reduce” with a $10.75 price target.
• PSBD recently traded at $10.46, near its 50-day average of $10.34 and below its 200-day average of $10.69; its 52-week range is $9.34 to $14.43.
• The company’s latest quarterly results fell short of expectations, reporting $0.27 in earnings per share versus $0.43 expected and revenue of $13.06 million versus estimates of $25.97 million. Meanwhile, insiders have purchased 108,472 shares over the past 90 days.

Palmer Square Capital BDC (NYSE:PSBD - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

PSBD has been the subject of a number of other reports. Noble Financial began coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They set 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. Zacks Research lowered shares of Palmer Square Capital BDC from a "hold" rating to a "strong sell" rating in a research report on Friday, May 22nd. UBS Group cut 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. Finally, Royal Bank Of Canada cut their target price 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. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $10.75.

Palmer Square Capital BDC Stock Performance

Palmer Square Capital BDC stock opened at $10.46 on Friday. The business's 50-day simple moving average is $10.34 and its 200-day simple moving average is $10.69. The firm has a market capitalization of $320.45 million, a PE ratio of -10.56 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.16). Palmer Square Capital BDC had a positive return on equity of 10.91% and a negative net margin of 26.73%.The business had revenue of $13.06 million for the quarter, compared to analyst estimates of $25.97 million. Research analysts forecast that Palmer Square Capital BDC will post 1.41 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Martin C. Bicknell acquired 40,000 shares of Palmer Square Capital BDC stock in a transaction on Monday, July 6th. The stock was bought at an average price of $10.56 per share, for a total transaction of $422,400.00. Following the transaction, the insider owned 351,988 shares of the company's stock, valued at $3,716,993.28. The trade was a 12.82% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders purchased 108,472 shares of company stock valued at $1,155,558. Corporate insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Rivernorth Capital Management LLC acquired a new position in shares of Palmer Square Capital BDC in the 4th quarter valued at $7,077,000. Closed End Fund Advisors Inc. acquired a new stake in shares of Palmer Square Capital BDC during the 4th quarter valued at about $2,686,000. Two Sigma Investments LP boosted its position in shares of Palmer Square Capital BDC by 142.9% during the 3rd quarter. Two Sigma Investments LP now owns 131,545 shares of the company's stock valued at $1,614,000 after acquiring an additional 77,393 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Palmer Square Capital BDC during the 4th quarter valued at about $931,000. Finally, NewGen Asset Management Ltd bought a new stake in Palmer Square Capital BDC in the first quarter valued at about $720,000. 6.52% of the stock is currently owned by institutional investors and hedge funds.

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.

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