NewGen Asset Management Ltd Invests $720,000 in Palmer Square Capital BDC Inc. $PSBD

NewGen Asset Management Ltd bought a new stake in shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 73,684 shares of the company’s stock, valued at approximately $720,000. Palmer Square Capital BDC comprises approximately 0.3% of NewGen Asset Management Ltd’s portfolio, making the stock its 20th biggest holding.

Other large investors also recently bought and sold shares of the company. Jane Street Group LLC purchased a new stake in Palmer Square Capital BDC during the first quarter valued at $360,000. Bank of America Corp DE increased its holdings in shares of Palmer Square Capital BDC by 5.0% in the 2nd quarter. Bank of America Corp DE now owns 300,575 shares of the company’s stock worth $4,196,000 after buying an additional 14,220 shares during the last quarter. Two Sigma Investments LP raised its position 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 buying an additional 77,393 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Palmer Square Capital BDC in the 3rd quarter valued at about $230,000. Finally, Millennium Management LLC lifted its holdings in shares of Palmer Square Capital BDC by 2.0% in the 3rd quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock valued at $1,647,000 after acquiring an additional 2,638 shares during the last quarter. Institutional investors own 6.52% of the company’s stock.

Insider Transactions at Palmer Square Capital BDC

In other Palmer Square Capital BDC news, major shareholder Martin C. Bicknell acquired 40,000 shares of the business’s stock in a transaction on Monday, July 6th. The shares were bought at an average price of $10.56 per share, with a total value of $422,400.00. Following the transaction, the insider directly owned 351,988 shares of the company’s stock, valued at $3,716,993.28. The trade was a 12.82% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. In the last three months, insiders acquired 108,472 shares of company stock worth $1,155,558. 1.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen cut Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. dropped their target price on Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Thursday, July 2nd. Noble Financial started coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating on the stock. Zacks Research downgraded Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Finally, Royal Bank Of Canada dropped their price objective on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 27th. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $10.75.

Palmer Square Capital BDC Price Performance

Shares of NYSE PSBD opened at $9.68 on Tuesday. Palmer Square Capital BDC Inc. has a 1 year low of $9.34 and a 1 year high of $14.43. The firm has a 50-day simple moving average of $10.60 and a two-hundred day simple moving average of $10.91. The company has a market cap of $301.33 million, a P/E ratio of -9.31 and a beta of 0.81.

Palmer Square Capital BDC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 26th were issued a dividend of $0.36 per share. The ex-dividend date was Friday, June 26th. This represents a $1.44 dividend on an annualized basis and a yield of 14.9%. Palmer Square Capital BDC’s payout ratio is presently -138.46%.

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.