Palmer Square initiated with a Buy at Citi

Citi analyst Arren Cyganovich initiated coverage of Palmer Square Capital with a Buy rating and $17 price target. The analyst has a positive view of the manager and its attractive profitability potential helped by a lower fee expense structure and opportunistic investment policy. Positives for Palmer include the “knowledgeable” fixed income manager Palmer Square with good performance track record, a fully invested portfolio with no ramp-up phase, a strong dividend payment “right out of the gate,” and its shareholder-friendly management fees, the analyst tells investors in a research note.