Martin Bicknell Acquires 30,000 Shares of Palmer Square Capital BDC (NYSE:PSBD) Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell bought 30,000 shares of the stock in a transaction on Friday, June 5th. The stock was purchased at an average price of $10.79 per share, for a total transaction of $323,700.00. Following the purchase, the insider directly owned 230,000 shares of the company’s stock, valued at approximately $2,481,700. This represents a 15.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 Price Performance

PSBD opened at $10.55 on Thursday. Palmer Square Capital BDC Inc. has a fifty-two week low of $9.34 and a fifty-two week high of $14.62. The business has a 50-day moving average of $10.76 and a 200-day moving average of $11.07. The company has a market capitalization of $328.35 million, a PE ratio of -10.15 and a beta of 0.81.

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 $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 13.6%. Palmer Square Capital BDC’s dividend payout ratio is currently -138.46%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Wells Fargo & Company set a $11.50 target price on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. UBS Group cut their price target 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. Noble Financial assumed coverage on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating for the company. Royal Bank Of Canada decreased their price objective on shares of 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. Finally, Zacks Research downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Palmer Square Capital BDC presently has an average rating of “Reduce” and an average target price of $10.88.

Institutional Investors Weigh In On Palmer Square Capital BDC

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

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.