Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Martin Bicknell Acquires 21,484 Shares of Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell acquired 21,484 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were bought at an average price of $10.47 per share, for a total transaction of $224,937.48. Following the purchase, the insider owned 373,472 shares in the company, valued at approximately $3,910,251.84. This represents a 6.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Large 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 1.0%

NYSE:PSBD opened at $10.40 on Wednesday. The stock has a market capitalization of $323.74 million, a PE ratio of -10.00 and a beta of 0.81. Palmer Square Capital BDC Inc. has a 1-year low of $9.34 and a 1-year high of $14.62. The firm has a fifty day simple moving average of $10.74 and a 200 day simple moving average of $11.03.

Palmer Square Capital BDC Dividend Announcement

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

Hedge Funds Weigh In On Palmer Square Capital BDC

Institutional investors and hedge funds have recently modified their holdings of the business. Opal Wealth Advisors LLC bought a new position in Palmer Square Capital BDC during the fourth quarter worth about $931,000. Closed End Fund Advisors Inc. bought a new stake in Palmer Square Capital BDC in the 4th quarter valued at about $2,686,000. Advisor OS LLC acquired a new position in shares of Palmer Square Capital BDC during the 4th quarter worth approximately $685,000. Bank of America Corp DE grew its position in shares of Palmer Square Capital BDC by 10.9% during the 1st quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock worth $5,637,000 after purchasing an additional 56,547 shares in the last quarter. Finally, Rivernorth Capital Management LLC raised its position in shares of Palmer Square Capital BDC by 43.8% in the first quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock valued at $8,154,000 after buying an additional 254,061 shares in the last quarter. 6.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. UBS Group decreased their target price on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a report on Monday, April 20th. Wells Fargo & Company set a $11.50 price objective on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. Royal Bank Of Canada decreased their price objective on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 27th. Noble Financial began coverage on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. They issued a “neutral” rating on the stock. Finally, Zacks Research downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Palmer Square Capital BDC presently has a consensus rating of “Reduce” and an average target price of $10.75.

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.