Insider Buying: Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Purchases $163,050.00 in Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 15,000 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was purchased at an average price of $10.87 per share, for a total transaction of $163,050.00. Following the transaction, the insider directly owned 200,000 shares in the company, valued at approximately $2,174,000. This trade represents a 8.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Stock Performance

Shares of NYSE:PSBD traded down $0.02 during trading on Tuesday, reaching $10.44. The stock had a trading volume of 303,092 shares, compared to its average volume of 101,867. Palmer Square Capital BDC Inc. has a 52 week low of $9.34 and a 52 week high of $14.62. The firm’s fifty day moving average is $10.77 and its 200 day moving average is $11.10. The stock has a market cap of $324.99 million, a price-to-earnings ratio of -10.04 and a beta of 0.83.

Palmer Square Capital BDC Dividend Announcement

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

Institutional Investors Weigh In On Palmer Square Capital BDC

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC acquired a new position in shares of Palmer Square Capital BDC during the first quarter valued at about $360,000. Bank of America Corp DE boosted its position in shares of Palmer Square Capital BDC by 5.0% during the 2nd quarter. Bank of America Corp DE now owns 300,575 shares of the company’s stock worth $4,196,000 after purchasing an additional 14,220 shares in the last quarter. Two Sigma Investments LP grew its stake in shares of Palmer Square Capital BDC by 142.9% in the 3rd quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock valued at $1,614,000 after buying an additional 77,393 shares during the period. Citadel Advisors LLC acquired a new stake in shares of Palmer Square Capital BDC in the 3rd quarter valued at about $230,000. Finally, Millennium Management LLC increased its position 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 valued at $1,647,000 after buying an additional 2,638 shares in the last quarter. 6.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PSBD. Noble Financial assumed coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They issued 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. JPMorgan Chase & Co. decreased their target price on Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Zacks Research downgraded Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. Finally, Royal Bank Of Canada dropped their price target on Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 27th. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Palmer Square Capital BDC currently has a consensus rating of “Reduce” and a consensus price target of $10.88.

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.