Key Points
- Major shareholder Martin Bicknell bought 15,000 shares of Palmer Square Capital BDC at an average price of $10.87, spending $163,050. After the purchase, he owned 200,000 shares worth about $2.17 million.
- The company recently declared a quarterly dividend of $0.36 per share, payable July 13 to shareholders of record on June 26. That works out to an annualized yield of 13.8%.
- Wall Street sentiment remains cautious, with several analysts issuing hold or sell views and a consensus rating of “Reduce.” The consensus price target is $10.88, roughly in line with the stock’s recent trading level.
Palmer Square Capital BDC Inc. (NYSE:PSBD - Get Free Report) major shareholder Martin Bicknell purchased 1,988 shares of the stock in a transaction on Monday, June 8th. The shares were bought at an average price of $10.80 per share, for a total transaction of $21,470.40. Following the acquisition, the insider owned 231,988 shares of the company's stock, valued at approximately $2,505,470.40. The trade was a 0.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Palmer Square Capital BDC Trading Down 0.2%
Shares of Palmer Square Capital BDC stock opened at $10.44 on Wednesday. The firm has a fifty day simple moving average of $10.76 and a 200-day simple moving average of $11.08. Palmer Square Capital BDC Inc. has a 1-year low of $9.34 and a 1-year high of $14.62. The stock has a market capitalization 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 announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 26th will be issued 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 (DPR) is -138.46%.
Institutional Trading of Palmer Square Capital BDC
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC bought a new position in shares of Palmer Square Capital BDC during the 1st quarter worth about $360,000. Bank of America Corp DE lifted its stake in shares of Palmer Square Capital BDC by 5.0% in the second quarter. Bank of America Corp DE now owns 300,575 shares of the company's stock valued at $4,196,000 after buying an additional 14,220 shares during the period. Two Sigma Investments LP lifted its stake in shares of Palmer Square Capital BDC by 142.9% in the third 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 Palmer Square Capital BDC during the third quarter worth about $230,000. Finally, Millennium Management LLC grew its position in Palmer Square Capital BDC by 2.0% during the third quarter. Millennium Management LLC now owns 134,249 shares of the company's stock worth $1,647,000 after buying an additional 2,638 shares in the last quarter. 6.52% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. Zacks Research lowered shares of Palmer Square Capital BDC from a "hold" rating to a "strong sell" rating in a research report on Friday, May 22nd. Royal Bank Of Canada dropped their price objective 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. Wall Street Zen cut Palmer Square Capital BDC from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Noble Financial started coverage on Palmer Square Capital BDC in a research note on Wednesday, June 24th. They set a "neutral" rating for the company. Finally, UBS Group decreased their target price on Palmer Square Capital BDC from $11.50 to $11.00 and set a "neutral" rating for the company in a research note on Monday, April 20th. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $10.88.
Read Our Latest Stock Analysis on Palmer Square Capital BDC
Palmer Square Capital BDC Company Profile
(
Get Free Report)
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.
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