Martin Bicknell Acquires 21,484 Shares of Palmer Square Capital BDC (NYSE:PSBD) Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 21,484 shares of the stock in a transaction on Tuesday, July 7th. The shares were acquired at an average price of $10.47 per share, for a total transaction of $224,937.48. Following the transaction, the insider directly owned 373,472 shares of the company’s stock, valued at $3,910,251.84. This represents a 6.10% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large 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 Down 1.0%

Shares of Palmer Square Capital BDC stock traded down $0.11 on Tuesday, reaching $10.40. The company’s stock had a trading volume of 200,801 shares, compared to its average volume of 111,251. The company has a market capitalization of $323.74 million, a P/E ratio of -10.00 and a beta of 0.81. The stock has a 50-day moving average price of $10.74 and a 200-day moving average price of $11.04. 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 business also recently declared 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. This represents a $1.44 annualized dividend and a yield of 13.8%. The ex-dividend date of this dividend is Friday, June 26th. Palmer Square Capital BDC’s payout ratio is presently -138.46%.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Prime Capital Investment Advisors LLC grew its stake in Palmer Square Capital BDC by 6.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 26,000 shares of the company’s stock valued at $317,000 after acquiring an additional 1,500 shares in the last quarter. Millennium Management LLC lifted its stake in 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 purchasing an additional 2,638 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of Palmer Square Capital BDC during the 1st quarter worth approximately $33,000. Harbour Investments Inc. acquired a new position in shares of Palmer Square Capital BDC during the 4th quarter worth approximately $85,000. Finally, Trexquant Investment LP grew its position in shares of Palmer Square Capital BDC by 17.6% in the fourth quarter. Trexquant Investment LP now owns 50,118 shares of the company’s stock valued at $611,000 after purchasing an additional 7,496 shares in the last quarter. 6.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Royal Bank Of Canada cut their price objective on 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. Noble Financial assumed coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They set a “neutral” rating for the company. Wells Fargo & Company set a $11.50 target price on Palmer Square Capital BDC in a research report on Wednesday, June 24th. Finally, Zacks Research lowered Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research note on Friday, May 22nd. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target 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.