Martin Bicknell Acquires 1,988 Shares of Palmer Square Capital BDC (NYSE:PSBD) Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 1,988 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was acquired at an average cost of $10.80 per share, for a total transaction of $21,470.40. Following the completion of the acquisition, the insider owned 231,988 shares in the company, valued at $2,505,470.40. This represents a 0.86% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Price Performance

PSBD stock opened at $10.55 on Thursday. Palmer Square Capital BDC Inc. has a 1-year low of $9.34 and a 1-year high of $14.62. The business has a 50 day simple moving average of $10.76 and a two-hundred day simple moving average of $11.07. The company has a market capitalization of $328.35 million, a price-to-earnings ratio of -10.15 and a beta of 0.81.

Palmer Square Capital BDC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 26th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, June 26th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.6%. Palmer Square Capital BDC’s dividend payout ratio is currently -138.46%.

Analysts Set New Price Targets

PSBD has been the topic of a number of research reports. Wall Street Zen downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Zacks Research downgraded shares of Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. UBS Group cut their price objective on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research report on Monday, April 20th. Wells Fargo & Company set a $11.50 target price on Palmer Square Capital BDC in a report on Wednesday, June 24th. Finally, Noble Financial initiated coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They issued a “neutral” rating on the stock. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $10.88.

Institutional Trading of Palmer Square Capital BDC

Hedge funds have recently made changes to their positions in the business. Catalyst Capital Advisors LLC purchased a new position in Palmer Square Capital BDC in the first quarter worth about $33,000. Harbour Investments Inc. bought a new stake in shares of Palmer Square Capital BDC in the 4th quarter valued at approximately $85,000. Citadel Advisors LLC bought a new stake in shares of Palmer Square Capital BDC in the 3rd quarter valued at approximately $230,000. TrueMark Investments LLC purchased a new position in shares of Palmer Square Capital BDC in the 1st quarter worth approximately $188,000. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of Palmer Square Capital BDC in the 4th quarter worth approximately $305,000. 6.52% of the stock is currently owned by hedge funds and other institutional investors.

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.