Closed End Fund Advisors Inc. Acquires New Shares in Palmer Square Capital BDC Inc. $PSBD

Closed End Fund Advisors Inc. acquired a new stake in Palmer Square Capital BDC Inc. (NYSE:PSBD) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 220,334 shares of the company’s stock, valued at approximately $2,686,000. Palmer Square Capital BDC comprises approximately 1.6% of Closed End Fund Advisors Inc.’s investment portfolio, making the stock its 17th biggest position. Closed End Fund Advisors Inc. owned about 0.70% of Palmer Square Capital BDC as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PSBD. Harbour Investments Inc. bought a new stake in Palmer Square Capital BDC in the fourth quarter valued at about $85,000. Citadel Advisors LLC bought a new stake in Palmer Square Capital BDC in the third quarter valued at about $230,000. Prime Capital Investment Advisors LLC bought a new stake in Palmer Square Capital BDC in the third quarter valued at about $301,000. Clear Harbor Asset Management LLC bought a new stake in Palmer Square Capital BDC in the fourth quarter valued at about $305,000. Finally, Jane Street Group LLC bought a new stake in Palmer Square Capital BDC in the first quarter valued at about $360,000. Institutional investors own 6.52% of the company’s stock.

Palmer Square Capital BDC Stock Performance

NYSE:PSBD opened at $10.77 on Friday. The company has a market cap of $335.10 million, a PE ratio of -10.35 and a beta of 0.83. Palmer Square Capital BDC Inc. has a 52-week low of $9.34 and a 52-week high of $14.98. The stock has a 50-day simple moving average of $10.60 and a 200 day simple moving average of $11.27.

Palmer Square Capital BDC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 26th will be issued 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 13.4%. Palmer Square Capital BDC’s dividend payout ratio (DPR) is presently -138.46%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PSBD. Wall Street Zen downgraded Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. 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 for the company in a report on Wednesday, May 27th. JPMorgan Chase & Co. lowered their price target on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a report on Friday, March 13th. 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 report on Monday, April 20th. Finally, Zacks Research downgraded Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. Three equities 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 stock currently has a consensus rating of “Reduce” and a consensus price target of $10.67.

Palmer Square Capital BDC 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.