Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Martin Bicknell Acquires 15,000 Shares

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell bought 15,000 shares of the firm’s stock in a transaction on 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 completion of the acquisition, the insider directly owned 200,000 shares in the company, valued at $2,174,000. The trade was a 8.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Palmer Square Capital BDC Price Performance

Palmer Square Capital BDC stock opened at $10.44 on Wednesday. The firm has a 50 day simple moving average of $10.76 and a 200-day simple moving average of $11.08. 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 Inc. has a 1-year low of $9.34 and a 1-year high of $14.62.

Palmer Square Capital BDC Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Zacks Research downgraded Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Noble Financial started coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They set a “neutral” rating for the company. 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 report on Wednesday, May 27th. JPMorgan Chase & Co. reduced their price objective on shares of Palmer Square Capital BDC from $11.50 to $10.00 and set a “neutral” rating on the stock in a report on Friday, March 13th. Finally, UBS Group decreased their target price on shares of 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. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Palmer Square Capital BDC currently has a consensus rating of “Reduce” and an average price target of $10.88.

Institutional Trading of Palmer Square Capital BDC

Several institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC raised its position in Palmer Square Capital BDC by 43.8% in the first quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock valued at $8,154,000 after purchasing an additional 254,061 shares during the period. Bank of America Corp DE grew its stake in shares of Palmer Square Capital BDC by 10.9% in the first quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock valued at $5,637,000 after buying an additional 56,547 shares in the last quarter. Closed End Fund Advisors Inc. acquired a new stake in shares of Palmer Square Capital BDC in the fourth quarter valued at $2,686,000. Renaissance Technologies LLC raised its holdings in shares of Palmer Square Capital BDC by 18.8% in the 4th quarter. Renaissance Technologies LLC now owns 183,000 shares of the company’s stock valued at $2,231,000 after buying an additional 28,900 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of 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 during the period. Institutional investors and hedge funds own 6.52% of the company’s stock.

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.