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

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 40,000 shares of Palmer Square Capital BDC stock in a transaction dated Monday, July 6th. The stock was acquired 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. This trade represents a 12.82% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Stock Down 1.0%

PSBD stock traded down $0.11 on Tuesday, reaching $10.40. 200,801 shares of the company’s stock were exchanged, compared to its average volume of 111,251. The stock has a fifty 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 PE ratio of -10.00 and a beta of 0.81. Palmer Square Capital BDC Inc. has a twelve month low of $9.34 and a twelve month high of $14.62.

Palmer Square Capital BDC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 26th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend 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 is -138.46%.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Catalyst Capital Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC in the first quarter valued at about $33,000. Harbour Investments Inc. purchased a new position in shares of Palmer Square Capital BDC during the 4th quarter worth approximately $85,000. TrueMark Investments LLC purchased a new position in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $188,000. Citadel Advisors LLC acquired a new position in shares of Palmer Square Capital BDC during the 3rd quarter worth approximately $230,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of Palmer Square Capital BDC during the 4th quarter worth approximately $305,000. Institutional investors and hedge funds own 6.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on PSBD shares. UBS Group decreased their price objective on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a report on Monday, April 20th. Wells Fargo & Company set a $11.50 target price on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. Wall Street Zen lowered Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Noble Financial began coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Palmer Square Capital BDC presently has an average rating of “Reduce” and an average 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.