Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Martin Bicknell Buys 1,988 Shares

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 1,988 shares of the stock in a transaction dated Monday, June 8th. The shares were acquired at an average price of $10.80 per share, for a total transaction of $21,470.40. Following the acquisition, the insider directly owned 231,988 shares of the company’s stock, valued at $2,505,470.40. This represents a 0.86% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Palmer Square Capital BDC Trading Down 0.2%

NYSE:PSBD opened at $10.44 on Wednesday. The business’s fifty day moving average price is $10.76 and its 200 day moving average price is $11.08. The firm has a market capitalization of $324.99 million, a price-to-earnings ratio of -10.04 and a beta of 0.83. Palmer Square Capital BDC Inc. has a 1-year low of $9.34 and a 1-year high of $14.62.

Palmer Square Capital BDC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 13.8%. The ex-dividend date of this dividend is Friday, June 26th. Palmer Square Capital BDC’s payout ratio is -138.46%.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds have recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in Palmer Square Capital BDC during the fourth quarter valued at about $931,000. Closed End Fund Advisors Inc. bought a new stake in shares of Palmer Square Capital BDC during the 4th quarter worth about $2,686,000. Advisor OS LLC bought a new stake in shares of Palmer Square Capital BDC during the 4th quarter worth about $685,000. Rivernorth Capital Management LLC increased 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. Finally, NewGen Asset Management Ltd acquired a new position in shares of Palmer Square Capital BDC during the 1st quarter valued at about $720,000. Institutional investors and hedge funds own 6.52% of the company’s stock.

Wall Street Analyst Weigh In

PSBD has been the subject of a number of research analyst reports. Wells Fargo & Company set a $11.50 price target on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. JPMorgan Chase & Co. lowered their price objective on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. Zacks Research lowered shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research note on Friday, May 22nd. Wall Street Zen downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, UBS Group decreased their target price 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. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $10.88.

Palmer Square Capital BDC Company Profile

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.