Palmer Square Capital BDC (NYSE:PSBD) Major Shareholder Buys $224,937.48 in Stock

Palmer Square Capital BDC Inc. (NYSE:PSBD) major shareholder Martin Bicknell bought 21,484 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was purchased at an average cost of $10.47 per share, for a total transaction of $224,937.48. Following the completion of the transaction, the insider owned 373,472 shares in the company, valued at $3,910,251.84. This trade represents a 6.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Palmer Square Capital BDC Stock Performance

PSBD stock traded down $0.11 during midday trading on Tuesday, reaching $10.40. The stock had a trading volume of 200,801 shares, compared to its average volume of 111,251. The firm has a fifty day simple moving average of $10.74 and a two-hundred day simple moving average of $11.04. Palmer Square Capital BDC Inc. has a 52-week low of $9.34 and a 52-week high of $14.62. The stock has a market cap of $323.74 million, a PE ratio of -10.00 and a beta of 0.81.

Palmer Square Capital BDC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 26th will be issued 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 dividend yield of 13.8%. Palmer Square Capital BDC’s payout ratio is -138.46%.

Hedge Funds Weigh In On Palmer Square Capital BDC

Several large investors have recently made changes to their positions in PSBD. Catalyst Capital Advisors LLC purchased a new stake in Palmer Square Capital BDC during the first quarter worth $33,000. Harbour Investments Inc. acquired a new position in shares of Palmer Square Capital BDC in the fourth quarter worth about $85,000. TrueMark Investments LLC acquired a new position in shares of Palmer Square Capital BDC in the first quarter worth about $188,000. Citadel Advisors LLC purchased a new stake in shares of Palmer Square Capital BDC during the 3rd quarter worth about $230,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of Palmer Square Capital BDC during the 4th quarter worth about $305,000. 6.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on PSBD shares. 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 cut shares of Palmer Square Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. UBS Group decreased their target price on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a “neutral” rating for the company in a research report on Monday, April 20th. Noble Financial began coverage on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. They issued a “neutral” rating on the stock. Finally, Royal Bank Of Canada cut 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 report on Wednesday, May 27th. Four investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Palmer Square Capital BDC currently has an average rating of “Reduce” and an average price target of $10.75.

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.