OV Management LLC Makes New $38.87 Million Investment in Palmer Square Capital BDC Inc. $PSBD

OV Management LLC acquired a new position in shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) in the second quarter, HoldingsChannel.com reports. The firm acquired 3,730,065 shares of the company’s stock, valued at approximately $38,867,000. Palmer Square Capital BDC makes up about 72.6% of OV Management LLC’s holdings, making the stock its largest position. OV Management LLC owned approximately 0.12% of Palmer Square Capital BDC as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PSBD. Rivernorth Capital Management LLC acquired a new stake in shares of Palmer Square Capital BDC in the fourth quarter valued at about $7,077,000. Closed End Fund Advisors Inc. bought a new position in Palmer Square Capital BDC in the fourth quarter valued at approximately $2,686,000. Two Sigma Investments LP grew 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. NewGen Asset Management Ltd acquired a new position in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $720,000. Finally, Bank of America Corp DE increased its position in shares of Palmer Square Capital BDC by 22.1% during the 3rd quarter. Bank of America Corp DE now owns 367,035 shares of the company’s stock worth $4,504,000 after purchasing an additional 66,460 shares during the last quarter. Institutional investors own 6.52% of the company’s stock.

Insiders Place Their Bets

In other Palmer Square Capital BDC news, major shareholder Martin C. Bicknell purchased 21,484 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The shares were acquired 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. The trade was a 6.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In the last quarter, insiders acquired 108,472 shares of company stock valued at $1,155,558. 1.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PSBD shares. JPMorgan Chase & Co. dropped their price objective on Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. Royal Bank Of Canada decreased their target price 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. Wells Fargo & Company set a $11.50 target price on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. Noble Financial assumed coverage on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating on the stock. Finally, Wall Street Zen upgraded shares of Palmer Square Capital BDC from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat, Palmer Square Capital BDC currently has a consensus rating of “Hold” and a consensus target price of $10.75.

Palmer Square Capital BDC Stock Up 0.7%

Shares of NYSE PSBD opened at $10.31 on Thursday. The business’s 50 day moving average price is $10.28 and its two-hundred day moving average price is $10.60. The company has a market cap of $316.09 million, a PE ratio of -10.42 and a beta of 0.84. Palmer Square Capital BDC Inc. has a twelve month low of $9.34 and a twelve month high of $14.43.

Palmer Square Capital BDC (NYSE:PSBD) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.16). Palmer Square Capital BDC had a negative net margin of 26.73% and a positive return on equity of 11.22%. The business had revenue of $13.06 million during the quarter, compared to the consensus estimate of $25.97 million. As a group, research analysts anticipate that Palmer Square Capital BDC Inc. will post 1.47 EPS for the current fiscal year.

Palmer Square Capital BDC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Friday, September 25th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.0%. Palmer Square Capital BDC’s payout ratio is presently -145.45%.

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.