UBS Group Has Lowered Expectations for Palmer Square Capital BDC (NYSE:PSBD) Stock Price

Palmer Square Capital BDC (NYSE:PSBD) had its target price lowered by research analysts at UBS Group from $16.50 to $14.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price objective would indicate a potential upside of 9.25% from the stock’s current price.

Palmer Square Capital BDC Price Performance

NYSE PSBD traded down $0.33 during trading hours on Thursday, reaching $12.82. The company’s stock had a trading volume of 23,744 shares, compared to its average volume of 33,839. The firm has a fifty day simple moving average of $14.51 and a 200-day simple moving average of $15.37. Palmer Square Capital BDC has a 52 week low of $11.89 and a 52 week high of $17.02. The stock has a market cap of $417.92 million, a P/E ratio of 6.67 and a beta of 0.60.

Insider Buying and Selling

In related news, President Matthew L. Bloomfield acquired 4,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $15.48 per share, with a total value of $61,920.00. Following the completion of the purchase, the president now directly owns 41,478 shares in the company, valued at $642,079.44. The trade was a 10.67 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.96% of the stock is currently owned by insiders.

Institutional Trading of Palmer Square Capital BDC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Palmer Square Capital BDC by 73.0% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 83,997 shares of the company’s stock valued at $1,277,000 after purchasing an additional 35,437 shares during the last quarter. Franklin Resources Inc. boosted its position in Palmer Square Capital BDC by 72.0% during the fourth quarter. Franklin Resources Inc. now owns 57,866 shares of the company’s stock valued at $880,000 after acquiring an additional 24,232 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Palmer Square Capital BDC by 120.3% during the 4th quarter. Bank of New York Mellon Corp now owns 77,878 shares of the company’s stock worth $1,184,000 after acquiring an additional 42,533 shares during the period. Mariner LLC lifted its stake in shares of Palmer Square Capital BDC by 97.7% in the 4th quarter. Mariner LLC now owns 2,275,470 shares of the company’s stock valued at $34,587,000 after purchasing an additional 1,124,766 shares during the period. Finally, Marble Harbor Investment Counsel LLC lifted its stake in shares of Palmer Square Capital BDC by 24.3% in the 4th quarter. Marble Harbor Investment Counsel LLC now owns 31,950 shares of the company’s stock valued at $486,000 after purchasing an additional 6,250 shares during the period. Institutional investors and hedge funds own 6.52% of the company’s stock.

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.