Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Martin Bicknell Buys 30,000 Shares

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 30,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $10.79 per share, for a total transaction of $323,700.00. Following the acquisition, the insider owned 230,000 shares of the company’s stock, valued at $2,481,700. The trade was a 15.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Stock Performance

NYSE:PSBD traded down $0.02 on Tuesday, hitting $10.44. 303,092 shares of the stock were exchanged, compared to its average volume of 101,867. The stock 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 52 week low of $9.34 and a 52 week high of $14.62. The company’s 50-day moving average price is $10.77 and its 200 day moving average price is $11.10.

Palmer Square Capital BDC Announces Dividend

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

Wall Street Analysts Forecast Growth

PSBD has been the topic of several analyst reports. Wall Street Zen lowered shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. UBS Group dropped 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 report on Monday, April 20th. JPMorgan Chase & Co. cut their price target on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a research note on Friday, March 13th. 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 on the stock in a research report on Wednesday, May 27th. Finally, Noble Financial initiated coverage on Palmer Square Capital BDC in a research note on Wednesday, June 24th. They set a “neutral” rating for the company. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Palmer Square Capital BDC has an average rating of “Reduce” and an average target price of $10.88.

Institutional Trading of Palmer Square Capital BDC

Hedge funds have recently modified their holdings of the company. Jane Street Group LLC bought a new position in Palmer Square Capital BDC during the 1st quarter worth approximately $360,000. Bank of America Corp DE increased its stake in Palmer Square Capital BDC by 5.0% in the second quarter. Bank of America Corp DE now owns 300,575 shares of the company’s stock valued at $4,196,000 after purchasing an additional 14,220 shares in the last quarter. Two Sigma Investments LP increased its stake in Palmer Square Capital BDC by 142.9% in the third 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 in the last quarter. Citadel Advisors LLC acquired a new stake in Palmer Square Capital BDC in the third quarter worth $230,000. Finally, Millennium Management LLC raised its holdings in Palmer Square Capital BDC by 2.0% in the third quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock worth $1,647,000 after purchasing an additional 2,638 shares during the period. 6.52% of the stock is currently owned by institutional investors and hedge funds.

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.