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

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell purchased 15,000 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $10.87 per share, with a total value of $163,050.00. Following the acquisition, the insider directly owned 200,000 shares in the company, valued at approximately $2,174,000. This represents a 8.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Palmer Square Capital BDC Trading Down 0.8%

PSBD stock opened at $10.49 on Friday. The company has a market cap of $326.39 million, a P/E ratio of -10.08 and a beta of 0.81. Palmer Square Capital BDC Inc. has a 52 week low of $9.34 and a 52 week high of $14.62. The company’s 50-day moving average price is $10.75 and its 200 day moving average price is $11.06.

Palmer Square Capital BDC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 26th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 13.7%. The ex-dividend date is Friday, June 26th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is presently -138.46%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Rivernorth Capital Management LLC acquired a new position in shares of Palmer Square Capital BDC in the fourth quarter worth $7,077,000. Closed End Fund Advisors Inc. acquired a new stake in shares of Palmer Square Capital BDC during the fourth quarter valued at $2,686,000. Two Sigma Investments LP boosted its stake in shares of Palmer Square Capital BDC by 142.9% during the third quarter. Two Sigma Investments LP now owns 131,545 shares of the company’s stock valued at $1,614,000 after acquiring an additional 77,393 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in Palmer Square Capital BDC during the 4th quarter worth about $931,000. Finally, NewGen Asset Management Ltd purchased a new stake in Palmer Square Capital BDC during the 1st quarter worth about $720,000. 6.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PSBD. UBS Group lowered their price target on Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating on the stock in a report on Monday, April 20th. JPMorgan Chase & Co. reduced their price objective on Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Thursday. Zacks Research lowered Palmer Square Capital BDC from a “hold” rating to a “strong sell” rating in a report on Friday, May 22nd. 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 for the company in a research report on Wednesday, May 27th. Finally, Noble Financial began coverage on Palmer Square Capital BDC in a research note on Wednesday, June 24th. They set a “neutral” rating for the company. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $10.75.

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.