Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Martin Bicknell Buys 30,000 Shares

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell bought 30,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $10.79 per share, with a total value of $323,700.00. Following the completion of the transaction, the insider owned 230,000 shares in the company, valued at approximately $2,481,700. This trade represents a 15.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Palmer Square Capital BDC Stock Down 0.2%

NYSE:PSBD opened at $10.44 on Wednesday. The company has a market capitalization of $324.99 million, a PE ratio of -10.04 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 $14.62. The stock’s 50 day moving average price is $10.76 and its 200 day moving average price is $11.08.

Palmer Square Capital BDC Dividend Announcement

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%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PSBD shares. JPMorgan Chase & Co. reduced their price target on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. 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. 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 decreased their target price on shares of 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. Finally, Noble Financial started coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They set a “neutral” rating on the stock. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $10.88.

Institutional Trading of Palmer Square Capital BDC

Institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new position in Palmer Square Capital BDC during the first quarter worth about $360,000. Bank of America Corp DE lifted its position in shares of Palmer Square Capital BDC by 5.0% during the 2nd quarter. Bank of America Corp DE now owns 300,575 shares of the company’s stock valued at $4,196,000 after acquiring an additional 14,220 shares during the period. Two Sigma Investments LP boosted its stake in shares of Palmer Square Capital BDC by 142.9% during the 3rd quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock worth $1,614,000 after acquiring an additional 77,393 shares in the last quarter. Citadel Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the 3rd quarter worth approximately $230,000. Finally, Millennium Management LLC grew its holdings in shares of 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 acquiring an additional 2,638 shares during the period. Hedge funds and other institutional investors own 6.52% of the company’s stock.

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.