Palmer Square Capital BDC Inc. $PSBD Shares Acquired by Rivernorth Capital Management LLC

Key Points

• Rivernorth Capital Management increased its PSBD position by 43.8% in the first quarter, purchasing 254,061 additional shares. It ended the period with 834,603 shares, representing about 2.68% of Palmer Square Capital BDC.
• Analyst sentiment remains cautious: four analysts rate the stock “Hold” and one rates it “Sell,” giving PSBD an average “Reduce” rating and a consensus price target of $10.75.
• PSBD recently paid a quarterly dividend of $0.36, equal to $1.44 annually and a 14.6% indicated yield. Shares opened at $9.86, near the company’s 52-week low of $9.34.

Rivernorth Capital Management LLC raised its position in shares of Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) by 43.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 834,603 shares of the company's stock after buying an additional 254,061 shares during the quarter. Rivernorth Capital Management LLC owned about 2.68% of Palmer Square Capital BDC worth $8,154,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PSBD. Opal Wealth Advisors LLC bought a new stake in shares of Palmer Square Capital BDC in the 4th quarter valued at approximately $931,000. NewGen Asset Management Ltd acquired a new position in Palmer Square Capital BDC in the first quarter worth $720,000. Closed End Fund Advisors Inc. acquired a new position in Palmer Square Capital BDC in the fourth quarter worth $2,686,000. Advisor OS LLC bought a new stake in Palmer Square Capital BDC during the fourth quarter valued at $685,000. Finally, Prime Capital Investment Advisors LLC raised its holdings in shares of Palmer Square Capital BDC by 6.1% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 26,000 shares of the company's stock worth $317,000 after purchasing an additional 1,500 shares during the period. Institutional investors own 6.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PSBD shares. UBS Group decreased their price target on shares of Palmer Square Capital BDC from $11.50 to $11.00 and set a "neutral" rating for the company in a report on Monday, April 20th. Wells Fargo & Company set a $11.50 target price on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. Zacks Research lowered Palmer Square Capital BDC from a "hold" rating to a "strong sell" rating in a report on Friday, May 22nd. Noble Financial initiated coverage on Palmer Square Capital BDC in a research report on Wednesday, June 24th. They set 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 report on Wednesday, May 27th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $10.75.

Palmer Square Capital BDC Trading Up 2.3%

Shares of NYSE:PSBD opened at $9.86 on Wednesday. The firm's 50 day moving average is $10.48 and its two-hundred day moving average is $10.80. Palmer Square Capital BDC Inc. has a 52 week low of $9.34 and a 52 week high of $14.43. The firm has a market capitalization of $306.84 million, a P/E ratio of -9.48 and a beta of 0.81.

Palmer Square Capital BDC Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 26th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 14.6%. The ex-dividend date of this dividend was Friday, June 26th. Palmer Square Capital BDC's dividend payout ratio is -138.46%.

Insider Buying and Selling

In other Palmer Square Capital BDC news, major shareholder Martin C. Bicknell bought 21,484 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were purchased at an average price of $10.47 per share, with a total value of $224,937.48. Following the purchase, the insider directly owned 373,472 shares of the company's stock, valued at approximately $3,910,251.84. The trade was a 6.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders purchased 108,472 shares of company stock valued at $1,155,558. 1.10% of the stock is owned by company insiders.

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.

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