Palmer Square Capital BDC (NYSE:PSBD) Cut to Hold at Royal Bank Of Canada

Royal Bank Of Canada lowered shares of Palmer Square Capital BDC (NYSE:PSBD) from a moderate buy rating to a hold rating in a research note released on Wednesday morning,Zacks.com reports.

PSBD has been the subject of several other research reports. UBS Group cut their price objective on Palmer Square Capital BDC from $13.50 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, November 19th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $12.00 target price (down from $14.00) on shares of Palmer Square Capital BDC in a research report on Wednesday, October 1st. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Palmer Square Capital BDC currently has a consensus rating of “Hold” and a consensus target price of $13.00.

Palmer Square Capital BDC Stock Up 1.3%

PSBD opened at $12.40 on Wednesday. The stock has a market capitalization of $390.35 million, a price-to-earnings ratio of 28.84 and a beta of 0.71. The firm has a 50 day moving average price of $12.35 and a 200-day moving average price of $13.40. Palmer Square Capital BDC has a twelve month low of $11.51 and a twelve month high of $16.17.

Palmer Square Capital BDC (NYSE:PSBD) last posted its earnings results on Wednesday, November 5th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $31.69 million during the quarter, compared to the consensus estimate of $30.61 million. Palmer Square Capital BDC had a net margin of 10.85% and a return on equity of 10.77%. As a group, analysts expect that Palmer Square Capital BDC will post 1.96 earnings per share for the current year.

Palmer Square Capital BDC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 14th. Stockholders of record on Monday, December 29th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Monday, December 29th. This represents a $1.44 annualized dividend and a dividend yield of 11.6%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is 334.88%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PSBD. 1248 Management LLC raised its stake in Palmer Square Capital BDC by 36.0% during the 1st quarter. 1248 Management LLC now owns 2,954,713 shares of the company’s stock worth $40,509,000 after acquiring an additional 782,271 shares during the period. Arlington Partners LLC increased its stake in shares of Palmer Square Capital BDC by 38.3% in the second quarter. Arlington Partners LLC now owns 461,609 shares of the company’s stock worth $6,444,000 after purchasing an additional 127,844 shares in the last quarter. Bank of America Corp DE raised its position in shares of Palmer Square Capital BDC by 22.1% during the 3rd quarter. Bank of America Corp DE now owns 367,035 shares of the company’s stock valued at $4,504,000 after purchasing an additional 66,460 shares during the period. Sunesis Advisors LLC bought a new stake in shares of Palmer Square Capital BDC during the 3rd quarter valued at $3,668,000. Finally, Millennium Management LLC lifted its stake in shares of Palmer Square Capital BDC by 2.0% during the 3rd quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock valued at $1,647,000 after buying an additional 2,638 shares in the last quarter. 6.52% of the stock is currently owned by institutional investors.

Palmer Square Capital BDC Company Profile

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.