Martin Bicknell Acquires 15,000 Shares of Palmer Square Capital BDC (NYSE:PSBD) Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell acquired 15,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $10.87 per share, with a total value of $163,050.00. Following the completion of the purchase, the insider owned 200,000 shares of the company’s stock, valued at $2,174,000. This trade represents a 8.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Palmer Square Capital BDC Stock Performance

NYSE PSBD opened at $10.55 on Thursday. The company has a market capitalization of $328.35 million, a price-to-earnings ratio of -10.15 and a beta of 0.81. The company’s 50-day simple moving average is $10.76 and its two-hundred day simple moving average is $11.07. Palmer Square Capital BDC Inc. has a one year low of $9.34 and a one year high of $14.62.

Palmer Square Capital BDC Announces Dividend

The firm also recently disclosed 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. This represents a $1.44 annualized dividend and a yield of 13.6%. The ex-dividend date of this dividend is Friday, June 26th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is presently -138.46%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PSBD. UBS Group reduced their price objective on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research note on Monday, April 20th. Wells Fargo & Company set a $11.50 price target on Palmer Square Capital BDC in a report on Wednesday, June 24th. Royal Bank Of Canada reduced their price target on Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating for the company in a research report on Wednesday, May 27th. JPMorgan Chase & Co. decreased their price objective on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Finally, Noble Financial initiated coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating on the stock. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $10.88.

Institutional Investors Weigh In On Palmer Square Capital BDC

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rivernorth Capital Management LLC acquired a new stake in Palmer Square Capital BDC in the fourth quarter valued at approximately $7,077,000. Closed End Fund Advisors Inc. acquired a new position in shares of Palmer Square Capital BDC during the fourth quarter worth $2,686,000. Two Sigma Investments LP lifted its holdings in shares of Palmer Square Capital BDC by 142.9% during the 3rd quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock valued at $1,614,000 after purchasing an additional 77,393 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the 4th quarter valued at $931,000. Finally, NewGen Asset Management Ltd acquired a new stake in shares of Palmer Square Capital BDC in the 1st quarter worth $720,000. Hedge funds and other institutional investors 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.