Palmer Square Capital BDC (NYSE:PSBD) Raised to Buy at Wall Street Zen

Palmer Square Capital BDC (NYSE:PSBD) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also weighed in on the company. Zacks Research raised Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. UBS Group dropped their target price on Palmer Square Capital BDC from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, September 1st. Five investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat, Palmer Square Capital BDC has an average rating of “Hold” and a consensus price target of $10.50.

Palmer Square Capital BDC Stock Performance

Shares of PSBD opened at $9.88 on Friday. The stock has a market cap of $297.93 million, a PE ratio of -15.69 and a beta of 0.85. Palmer Square Capital BDC has a fifty-two week low of $9.34 and a fifty-two week high of $12.61. The firm’s 50-day simple moving average is $9.98 and its two-hundred day simple moving average is $10.48.

Palmer Square Capital BDC (NYSE:PSBD) last announced its earnings results on Wednesday, November 4th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. Palmer Square Capital BDC had a negative net margin of 18.27% and a positive return on equity of 11.33%. The business had revenue of $26.57 million during the quarter, compared to the consensus estimate of $26.69 million. Equities research analysts predict that Palmer Square Capital BDC will post 1.50 EPS for the current year.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds have recently added to or reduced their stakes in PSBD. OV Management LLC purchased a new position in Palmer Square Capital BDC in the 2nd quarter worth about $38,867,000. Rivernorth Capital Management LLC boosted its holdings in shares of Palmer Square Capital BDC by 43.8% during the 1st quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock valued at $8,154,000 after acquiring an additional 254,061 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Palmer Square Capital BDC during the 2nd quarter valued at about $1,362,000. Thor Investment Management Inc. OH ADV purchased a new stake in shares of Palmer Square Capital BDC during the 3rd quarter valued at about $769,000. Finally, NewGen Asset Management Ltd bought a new stake in shares of Palmer Square Capital BDC in the first quarter worth approximately $720,000. 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 is an externally managed business development company that seeks to provide financing to private middle-market companies. The company focuses primarily on privately originated and negotiated investments in senior secured loans and other debt instruments, with the goal of supporting businesses while generating current income for shareholders.

Palmer Square Capital BDC may invest across a range of industries and capital structures, including first-lien and unitranche loans, second-lien and subordinated debt, and select equity investments.