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

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 40,000 shares of the 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 transaction, 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 position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 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 Down 1.0%

Shares of PSBD stock opened at $10.40 on Wednesday. The firm has a market cap of $323.74 million, a price-to-earnings ratio of -10.00 and a beta of 0.81. The company’s 50 day moving average is $10.74 and its 200 day moving average is $11.03. 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. Stockholders of record on Friday, June 26th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend 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%.

Institutional Investors Weigh In On Palmer Square Capital BDC

Large investors have recently modified their holdings of the business. Prime Capital Investment Advisors LLC raised its position in shares of Palmer Square Capital BDC by 6.1% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 26,000 shares of the company’s stock valued at $317,000 after purchasing an additional 1,500 shares during the last quarter. Millennium Management LLC increased its stake in Palmer Square Capital BDC by 2.0% during the 3rd quarter. Millennium Management LLC now owns 134,249 shares of the company’s stock valued at $1,647,000 after purchasing an additional 2,638 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in Palmer Square Capital BDC during the 1st quarter valued at approximately $33,000. Harbour Investments Inc. purchased a new position in shares of Palmer Square Capital BDC in the fourth quarter worth $85,000. Finally, Trexquant Investment LP raised its holdings 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 worth $611,000 after buying an additional 7,496 shares during the last quarter. Hedge funds and other institutional investors own 6.52% of the company’s stock.

Wall Street Analyst Weigh In

PSBD has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Wall Street Zen cut shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. UBS Group lowered their target price on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research note on Monday, April 20th. Royal Bank Of Canada cut their price target on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 27th. Finally, Noble Financial initiated coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set a “neutral” rating on the stock. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $10.75.

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.