Martin Bicknell Purchases 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 on Monday, July 6th. The shares were purchased at an average cost of $10.56 per share, with a total value of $422,400.00. Following the acquisition, the insider directly owned 351,988 shares of the company’s stock, valued at approximately $3,716,993.28. The trade was a 12.82% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 Price Performance

NYSE PSBD opened at $10.30 on Thursday. The stock’s 50 day simple moving average is $10.73 and its 200-day simple moving average is $11.02. The company has a market cap of $320.54 million, a PE 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders 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 yield of 14.0%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is presently -138.46%.

Institutional Trading of Palmer Square Capital BDC

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rivernorth Capital Management LLC purchased a new position in shares of Palmer Square Capital BDC during the 4th quarter worth $7,077,000. Closed End Fund Advisors Inc. purchased a new stake in shares of Palmer Square Capital BDC in the fourth quarter valued at about $2,686,000. Two Sigma Investments LP grew its holdings in shares of Palmer Square Capital BDC by 142.9% in 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 during the period. Opal Wealth Advisors LLC acquired a new stake in Palmer Square Capital BDC during the fourth quarter worth about $931,000. Finally, NewGen Asset Management Ltd acquired a new stake in Palmer Square Capital BDC during the first quarter worth about $720,000. 6.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PSBD shares. Zacks Research lowered shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. lowered 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 report on Thursday, July 2nd. Wall Street Zen cut shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. UBS Group cut 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 report on Monday, April 20th. Finally, Noble Financial began coverage on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating on the stock. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price 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.