Insider Buying: Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Purchases $224,937.48 in Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell bought 21,484 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were bought at an average price of $10.47 per share, with a total value of $224,937.48. Following the completion of the purchase, the insider owned 373,472 shares in the company, valued at approximately $3,910,251.84. The trade was a 6.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Stock Performance

Shares of PSBD opened at $10.38 on Friday. The company has a 50-day simple moving average of $10.72 and a 200-day simple moving average of $11.01. The firm has a market capitalization of $323.18 million, a P/E ratio of -9.99 and a beta of 0.81. Palmer Square Capital BDC Inc. has a 52 week low of $9.34 and a 52 week high of $14.62.

Palmer Square Capital BDC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 26th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.9%. The ex-dividend date is Friday, June 26th. Palmer Square Capital BDC’s dividend payout ratio is presently -138.46%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PSBD. Zacks Research cut Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. Wells Fargo & Company set a $11.50 target price on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. Noble Financial initiated coverage on Palmer Square Capital BDC in a research note on Wednesday, June 24th. They set a “neutral” rating on the stock. Royal Bank Of Canada reduced their price objective on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 27th. Finally, Wall Street Zen cut Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Four investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Palmer Square Capital BDC has a consensus rating of “Reduce” and an average target price of $10.75.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PSBD. Jane Street Group LLC bought a new position in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $360,000. Bank of America Corp DE increased its holdings 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 worth $4,196,000 after acquiring an additional 14,220 shares during the last quarter. Two Sigma Investments LP raised its position 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. Citadel Advisors LLC bought a new position in Palmer Square Capital BDC in the 3rd quarter valued at about $230,000. Finally, Millennium Management LLC increased its stake in shares of Palmer Square Capital BDC by 2.0% during the third quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock worth $1,647,000 after purchasing an additional 2,638 shares during the period. 6.52% of the stock is currently owned by institutional investors.

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.