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 business’s stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average price of $10.79 per share, with a total value of $323,700.00. Following the transaction, the insider directly owned 230,000 shares in the company, valued at $2,481,700. This trade 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 through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Palmer Square Capital BDC Stock Down 0.2%

NYSE:PSBD traded down $0.02 during trading hours on Tuesday, reaching $10.44. The company had a trading volume of 303,092 shares, compared to its average volume of 101,867. The stock has a 50-day moving average of $10.77 and a two-hundred day moving average of $11.10. Palmer Square Capital BDC Inc. has a one year low of $9.34 and a one year high of $14.62. The firm has a market capitalization of $324.99 million, a PE ratio of -10.04 and a beta of 0.83.

Palmer Square Capital BDC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 26th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, June 26th. This represents a $1.44 annualized dividend and a dividend yield of 13.8%. Palmer Square Capital BDC’s dividend payout ratio is presently -138.46%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wells Fargo & Company set a $11.50 price objective on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. Wall Street Zen downgraded Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. UBS Group decreased their price target on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, April 20th. JPMorgan Chase & Co. dropped their price target on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a report on Friday, March 13th. Finally, Noble Financial started coverage on Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating on the stock. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Palmer Square Capital BDC currently has a consensus rating of “Reduce” and an average target price of $10.88.

Institutional Trading of Palmer Square Capital BDC

Several hedge funds have recently modified their holdings of the stock. Opal Wealth Advisors LLC bought a new position in Palmer Square Capital BDC in the 4th quarter worth approximately $931,000. Closed End Fund Advisors Inc. bought a new position in Palmer Square Capital BDC in the 4th quarter valued at $2,686,000. Advisor OS LLC bought a new position in Palmer Square Capital BDC in the 4th quarter valued at $685,000. Rivernorth Capital Management LLC increased its stake in shares of Palmer Square Capital BDC by 43.8% in the 1st quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock valued at $8,154,000 after buying an additional 254,061 shares during the period. Finally, NewGen Asset Management Ltd acquired a new stake in shares of Palmer Square Capital BDC in the 1st quarter valued at $720,000. 6.52% of the stock is 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.