Martin Bicknell Acquires 40,000 Shares of Palmer Square Capital BDC (NYSE:PSBD) Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell bought 40,000 shares of Palmer Square Capital BDC stock in a transaction dated Monday, July 6th. The stock was purchased at an average cost of $10.56 per share, with a total value of $422,400.00. Following the completion of the acquisition, the insider directly owned 351,988 shares in the company, valued at approximately $3,716,993.28. The trade was a 12.82% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Trading Down 1.0%

Shares of NYSE PSBD traded down $0.11 during trading hours on Tuesday, reaching $10.40. The stock had a trading volume of 200,801 shares, compared to its average volume of 111,251. The firm has a 50-day moving average of $10.74 and a 200-day moving average of $11.04. The firm has a market cap of $323.74 million, a price-to-earnings ratio of -10.00 and a beta of 0.81. Palmer Square Capital BDC Inc. has a fifty-two week low of $9.34 and a fifty-two week high of $14.62.

Palmer Square Capital BDC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 26th will be given a dividend of $0.36 per share. 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 (DPR) is -138.46%.

Hedge Funds Weigh In On Palmer Square Capital BDC

Several institutional investors have recently bought and sold shares of the company. Catalyst Capital Advisors LLC acquired a new stake in shares of Palmer Square Capital BDC in the 1st quarter worth $33,000. Harbour Investments Inc. acquired a new position in shares of Palmer Square Capital BDC during the fourth quarter worth about $85,000. TrueMark Investments LLC purchased a new position in Palmer Square Capital BDC during the first quarter worth about $188,000. Citadel Advisors LLC purchased a new stake in Palmer Square Capital BDC in the 3rd quarter valued at approximately $230,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in Palmer Square Capital BDC in the 4th quarter valued at approximately $305,000. 6.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSBD has been the subject of several research reports. Noble Financial initiated coverage on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. They issued a “neutral” rating for the company. Wall Street Zen lowered shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Zacks Research cut shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. Royal Bank Of Canada lowered their price target on Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 27th. Finally, 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. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $10.75.

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.