Key Points
- Major shareholder Martin Bicknell bought 21,484 shares of Palmer Square Capital BDC at $10.47 each, spending about $224,937 and boosting his stake by 6.10%.
- The company recently declared a quarterly dividend of $0.36 per share, which annualizes to $1.44 and implies a 13.8% yield.
- Wall Street sentiment remains cautious, with analysts issuing mostly Hold/Neutral ratings and a consensus target price of $10.75.
Palmer Square Capital BDC Inc. (NYSE:PSBD - Get Free Report) major shareholder Martin Bicknell bought 21,484 shares of the business's stock in a transaction dated Tuesday, July 7th. The shares were bought at an average price of $10.47 per share, with a total value of $224,937.48. Following the completion of the transaction, the insider owned 373,472 shares in the company, valued at approximately $3,910,251.84. This trade represents a 6.10% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
Palmer Square Capital BDC Stock Performance
PSBD opened at $10.40 on Wednesday. Palmer Square Capital BDC Inc. has a 52-week low of $9.34 and a 52-week high of $14.62. The firm has a market cap of $323.74 million, a P/E ratio of -10.00 and a beta of 0.81. The business's fifty day moving average is $10.74 and its 200-day moving average is $11.03.
Palmer Square Capital BDC Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis 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%.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on PSBD. Noble Financial initiated coverage on shares of Palmer Square Capital BDC in a research report on Wednesday, June 24th. They issued a "neutral" rating for the company. JPMorgan Chase & Co. decreased their price objective on shares of Palmer Square Capital BDC from $10.00 to $9.50 and set a "neutral" rating on the stock in a research note on Thursday, July 2nd. Wall Street Zen downgraded shares of Palmer Square Capital BDC from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Zacks Research cut Palmer Square Capital BDC from a "hold" rating to a "strong sell" rating in a research note on Friday, May 22nd. Finally, UBS Group reduced their target price 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. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $10.75.
Check Out Our Latest Report on Palmer Square Capital BDC
Hedge Funds Weigh In On Palmer Square Capital BDC
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC bought a new stake in shares of Palmer Square Capital BDC during the fourth quarter worth $931,000. Closed End Fund Advisors Inc. bought a new position in shares of Palmer Square Capital BDC in the 4th quarter valued at $2,686,000. Advisor OS LLC bought a new position in shares of Palmer Square Capital BDC in the 4th quarter valued at $685,000. Rivernorth Capital Management LLC boosted its holdings in shares of Palmer Square Capital BDC by 43.8% during the 1st quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company's stock valued at $8,154,000 after acquiring an additional 254,061 shares in the last quarter. Finally, NewGen Asset Management Ltd acquired a new stake in shares of Palmer Square Capital BDC during the 1st quarter valued at $720,000. Institutional investors own 6.52% of the company's stock.
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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