Martin Bicknell Acquires 21,484 Shares of Palmer Square Capital BDC (NYSE:PSBD) Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell bought 21,484 shares of Palmer Square Capital BDC stock in a transaction dated Tuesday, July 7th. The stock was acquired at an average cost of $10.47 per share, for a total transaction of $224,937.48. Following the completion of the transaction, the insider directly owned 373,472 shares in the company, valued at approximately $3,910,251.84. This trade represents a 6.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Palmer Square Capital BDC Price Performance

Shares of Palmer Square Capital BDC stock opened at $10.30 on Thursday. The company has a 50-day moving average of $10.73 and a 200 day moving average of $11.02. The firm has a market cap of $320.54 million, a price-to-earnings ratio of -9.90 and a beta of 0.81. Palmer Square Capital BDC Inc. has a 1 year low of $9.34 and a 1 year high of $14.62.

Palmer Square Capital BDC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, June 26th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.0%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is currently -138.46%.

Institutional Trading of Palmer Square Capital BDC

Several institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC bought a new stake in shares of Palmer Square Capital BDC in the 1st quarter worth $360,000. Bank of America Corp DE lifted its holdings in shares of Palmer Square Capital BDC by 5.0% during 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 boosted its position 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 buying an additional 77,393 shares during the last quarter. Citadel Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the third quarter valued at $230,000. Finally, Millennium Management LLC increased its holdings in Palmer Square Capital BDC by 2.0% in the 3rd quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock worth $1,647,000 after buying an additional 2,638 shares in the last quarter. 6.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PSBD shares. UBS Group dropped their price target on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, April 20th. Royal Bank Of Canada lowered their price objective on 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. Zacks Research downgraded Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. dropped their price target on shares of 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. Finally, Wells Fargo & Company set a $11.50 price objective on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $10.75.

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.