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

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell acquired 1,988 shares of the business’s stock in a transaction on Monday, June 8th. The stock was acquired at an average price of $10.80 per share, for a total transaction of $21,470.40. Following the acquisition, the insider owned 231,988 shares of the company’s stock, valued at approximately $2,505,470.40. This trade represents a 0.86% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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

PSBD stock opened at $10.49 on Friday. The firm has a 50 day moving average price of $10.75 and a 200-day moving average price of $11.06. Palmer Square Capital BDC Inc. has a 52-week low of $9.34 and a 52-week high of $14.62. The firm has a market capitalization of $326.39 million, a price-to-earnings ratio of -10.08 and a beta of 0.81.

Palmer Square Capital BDC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 26th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 13.7%. The ex-dividend date of this dividend is Friday, June 26th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is -138.46%.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds have recently added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC raised its position in Palmer Square Capital BDC by 6.1% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 26,000 shares of the company’s stock worth $317,000 after buying an additional 1,500 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Palmer Square Capital BDC by 2.0% during the 3rd quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock valued at $1,647,000 after acquiring an additional 2,638 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the 1st quarter valued at about $33,000. Harbour Investments Inc. bought a new stake in shares of Palmer Square Capital BDC in the fourth quarter worth approximately $85,000. Finally, Trexquant Investment LP grew its stake in shares of Palmer Square Capital BDC by 17.6% in the fourth quarter. Trexquant Investment LP now owns 50,118 shares of the company’s stock worth $611,000 after acquiring an additional 7,496 shares during the period. 6.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PSBD has been the topic of several analyst reports. Noble Financial assumed coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They issued a “neutral” rating on the stock. Zacks Research downgraded Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. UBS Group lowered their price target on 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. Wells Fargo & Company set a $11.50 price target on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. Finally, Wall Street Zen downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price 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.