Palmer Square Capital BDC (NYSE:PSBD) Trading Down 0.1% – Here’s Why

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) were down 0.1% on Monday . The company traded as low as $10.68 and last traded at $10.8350. Approximately 214,020 shares changed hands during trading, an increase of 65% from the average daily volume of 129,971 shares. The stock had previously closed at $10.85.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PSBD shares. UBS Group dropped their price target on 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. JPMorgan Chase & Co. dropped their price target on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a research note on Friday, March 13th. Royal Bank Of Canada dropped their price target on Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 27th. Wall Street Zen lowered Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Zacks Research downgraded Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $10.67.

Palmer Square Capital BDC Price Performance

The stock has a market cap of $337.19 million, a price-to-earnings ratio of -10.42 and a beta of 0.83. The stock has a fifty day moving average of $10.59 and a 200 day moving average of $11.30.

Palmer Square Capital BDC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 26th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, June 26th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.3%. Palmer Square Capital BDC’s payout ratio is -138.46%.

Institutional Investors Weigh In On Palmer Square Capital BDC

A number of institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC acquired a new position in Palmer Square Capital BDC in the first quarter valued at approximately $360,000. Bank of America Corp DE lifted its holdings in Palmer Square Capital BDC by 5.0% in the second quarter. Bank of America Corp DE now owns 300,575 shares of the company’s stock valued at $4,196,000 after acquiring an additional 14,220 shares during the period. UMB Bank n.a. acquired a new position in Palmer Square Capital BDC in the third quarter valued at approximately $1,000,000. Prime Capital Investment Advisors LLC acquired a new position in Palmer Square Capital BDC in the third quarter valued at approximately $301,000. Finally, Sunesis Advisors LLC acquired a new position in Palmer Square Capital BDC in the third quarter valued at approximately $3,668,000. Institutional investors and hedge funds 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.