Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Buys $163,050.00 in Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 15,000 shares of the business’s stock in a transaction on Friday, May 29th. The stock was purchased at an average price of $10.87 per share, for a total transaction of $163,050.00. Following the acquisition, the insider owned 200,000 shares of the company’s stock, valued at approximately $2,174,000. This represents a 8.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Stock Performance

Shares of NYSE PSBD traded down $0.02 during midday trading on Tuesday, hitting $10.44. 303,092 shares of the stock traded hands, compared to its average volume of 101,867. The company has a market cap of $324.99 million, a PE ratio of -10.04 and a beta of 0.83. Palmer Square Capital BDC Inc. has a one year low of $9.34 and a one year high of $14.62. The business has a 50 day moving average price of $10.77 and a two-hundred day moving average price of $11.10.

Palmer Square Capital BDC Dividend Announcement

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

Institutional Trading of Palmer Square Capital BDC

Several institutional investors and hedge funds have recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in shares of Palmer Square Capital BDC during the fourth quarter valued at about $931,000. Closed End Fund Advisors Inc. bought a new stake in Palmer Square Capital BDC in the 4th quarter worth about $2,686,000. Advisor OS LLC purchased a new stake in Palmer Square Capital BDC in the 4th quarter valued at about $685,000. Rivernorth Capital Management LLC increased its stake in Palmer Square Capital BDC by 43.8% in the 1st 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 during the last quarter. Finally, NewGen Asset Management Ltd bought a new position in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $720,000. Hedge funds and other institutional investors own 6.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Noble Financial assumed coverage on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. They set a “neutral” rating on the stock. 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 report 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. Zacks Research cut shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Finally, JPMorgan Chase & Co. cut their price target on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Palmer Square Capital BDC has an average rating of “Reduce” and an average price target 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.