Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Buys $21,470.40 in Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell acquired 1,988 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were acquired at an average price of $10.80 per share, with a total value of $21,470.40. Following the acquisition, the insider owned 231,988 shares in the company, valued at $2,505,470.40. This trade represents a 0.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Stock Performance

PSBD stock traded down $0.02 during midday trading on Tuesday, reaching $10.44. The company’s stock had a trading volume of 303,192 shares, compared to its average volume of 101,867. 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 market capitalization of $324.99 million, a price-to-earnings ratio of -10.04 and a beta of 0.83. The stock has a fifty day simple moving average of $10.77 and a two-hundred day simple moving average of $11.10.

Palmer Square Capital BDC Announces Dividend

The business also recently declared 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. The ex-dividend date is Friday, June 26th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.8%. Palmer Square Capital BDC’s dividend payout ratio is presently -138.46%.

Wall Street Analysts Forecast Growth

PSBD has been the subject of several research reports. UBS Group lowered their price objective 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. Zacks Research lowered shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Royal Bank Of Canada decreased their price target 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 price target on Palmer Square Capital BDC in a report on Wednesday, June 24th. Finally, Wall Street Zen downgraded Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $10.88.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rivernorth Capital Management LLC purchased a new position in Palmer Square Capital BDC during the 4th quarter valued at about $7,077,000. Closed End Fund Advisors Inc. purchased a new stake in shares of Palmer Square Capital BDC in the 4th quarter worth approximately $2,686,000. Two Sigma Investments LP boosted its stake in shares of Palmer Square Capital BDC by 142.9% during 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. Opal Wealth Advisors LLC bought a new position in shares of Palmer Square Capital BDC during the fourth quarter valued at approximately $931,000. Finally, NewGen Asset Management Ltd purchased a new position in Palmer Square Capital BDC during the first quarter valued at approximately $720,000. 6.52% of the stock is currently owned by institutional investors.

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.