Palmer Square Capital BDC (NYSE:PSBD) Rating Lowered to Market Perform at Oppenheimer

Oppenheimer lowered shares of Palmer Square Capital BDC (NYSE:PSBD) from an outperform rating to a market perform rating in a report published on Friday, Marketbeat reports. Oppenheimer currently has $14.00 target price on the stock, down from their previous target price of $17.00.

PSBD has been the subject of several other reports. UBS Group dropped their price objective on shares of Palmer Square Capital BDC from $16.50 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, April 17th. JPMorgan Chase & Co. lowered their target price on shares of Palmer Square Capital BDC from $16.00 to $13.50 and set an “overweight” rating for the company in a report on Thursday, April 24th.

Palmer Square Capital BDC Price Performance

Shares of NYSE PSBD opened at $12.37 on Friday. Palmer Square Capital BDC has a 1-year low of $11.51 and a 1-year high of $16.85. The business’s 50 day moving average is $13.56 and its two-hundred day moving average is $14.96. The stock has a market capitalization of $403.41 million, a P/E ratio of 6.44 and a beta of 0.63.

Palmer Square Capital BDC (NYSE:PSBD) last announced its earnings results on Wednesday, May 7th. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The company had revenue of $31.21 million during the quarter, compared to analysts’ expectations of $32.55 million. Palmer Square Capital BDC had a return on equity of 11.97% and a net margin of 41.67%. As a group, equities research analysts anticipate that Palmer Square Capital BDC will post 1.96 earnings per share for the current fiscal year.

Palmer Square Capital BDC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 14th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 11.64%. Palmer Square Capital BDC’s dividend payout ratio is 288.00%.

Insider Transactions at Palmer Square Capital BDC

In related news, President Matthew L. Bloomfield purchased 4,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $15.48 per share, for a total transaction of $61,920.00. Following the completion of the acquisition, the president now owns 41,478 shares in the company, valued at approximately $642,079.44. This trade represents a 10.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On Palmer Square Capital BDC

Several large investors have recently added to or reduced their stakes in PSBD. Mariner LLC increased its position in shares of Palmer Square Capital BDC by 97.7% during the fourth quarter. Mariner LLC now owns 2,275,470 shares of the company’s stock worth $34,587,000 after acquiring an additional 1,124,766 shares during the period. 1248 Management LLC bought a new position in Palmer Square Capital BDC in the fourth quarter worth approximately $34,064,000. Pandi LLC purchased a new position in Palmer Square Capital BDC during the 4th quarter worth $13,860,000. Bienville Capital Management LLC increased its holdings in Palmer Square Capital BDC by 61.9% during the 4th quarter. Bienville Capital Management LLC now owns 676,406 shares of the company’s stock worth $10,606,000 after purchasing an additional 258,643 shares during the period. Finally, Sunesis Advisors LLC bought a new stake in Palmer Square Capital BDC during the 1st quarter valued at $6,287,000. 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 an externally managed, non-diversified closed-end management investment company which primarily lends to and invests in corporate debt securities, including small to large private U.S. companies and has elected to be regulated as a business development company. Palmer Square Capital BDC Inc is based in MISSION WOODS, Kan.