Insider Buying: Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Acquires 1,988 Shares

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 1,988 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was bought at an average price of $10.80 per share, for a total transaction of $21,470.40. Following the completion of the acquisition, the insider directly owned 231,988 shares in the company, valued at approximately $2,505,470.40. This trade represents a 0.86% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Palmer Square Capital BDC Trading Down 0.2%

Shares of PSBD traded down $0.02 during trading hours on Tuesday, hitting $10.44. The company had a trading volume of 303,192 shares, compared to its average volume of 101,867. The company has a market capitalization of $324.99 million, a PE ratio of -10.04 and a beta of 0.83. Palmer Square Capital BDC Inc. has a one year low of $9.34 and a one year high of $14.62. The company’s fifty day moving average price is $10.77 and its two-hundred day moving average price is $11.10.

Palmer Square Capital BDC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Friday, June 26th will be paid 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 payout ratio is -138.46%.

Institutional Investors Weigh In On Palmer Square Capital BDC

A number of large investors have recently modified their holdings of PSBD. Bank of America Corp DE increased its holdings in shares of Palmer Square Capital BDC by 10.9% during the first quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock valued at $5,637,000 after acquiring an additional 56,547 shares in the last quarter. Rivernorth Capital Management LLC boosted its stake in 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 worth $8,154,000 after purchasing an additional 254,061 shares in the last quarter. NewGen Asset Management Ltd purchased a new stake in Palmer Square Capital BDC during the 1st quarter worth approximately $720,000. Catalyst Capital Advisors LLC purchased a new stake in Palmer Square Capital BDC during the 1st quarter worth approximately $33,000. Finally, Waterfront Wealth Inc. acquired a new position in Palmer Square Capital BDC during the 1st quarter valued at approximately $413,000. Hedge funds and other institutional investors own 6.52% of the company’s stock.

Wall Street Analysts Forecast Growth

PSBD has been the topic of a number of recent analyst reports. Wells Fargo & Company set a $11.50 price target on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. Wall Street Zen lowered shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Noble Financial started coverage on shares of Palmer Square Capital BDC in a research note on Wednesday, June 24th. They issued a “neutral” rating for the company. JPMorgan Chase & Co. cut their price target 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, Zacks Research downgraded Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Palmer Square Capital BDC currently has an average rating of “Reduce” and a consensus target price 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.