Palmer Square Capital BDC (NYSE:PSBD) Shares Up 1% - Here's Why

Palmer Square Capital BDC Inc. (NYSE:PSBD - Get Free Report)'s stock price traded up 1% during mid-day trading on Tuesday . The company traded as high as $13.58 and last traded at $13.01. 50,533 shares were traded during mid-day trading, an increase of 80% from the average session volume of 28,042 shares. The stock had previously closed at $12.88.

Wall Street Analysts Forecast Growth

Separately, UBS Group lowered their price target on shares of Palmer Square Capital BDC from $16.50 to $14.00 and set a "neutral" rating for the company in a report on Thursday.

Palmer Square Capital BDC Stock Down 2.5 %

The firm has a market cap of $417.60 million, a price-to-earnings ratio of 6.67 and a beta of 0.60. The firm has a fifty day moving average price of $14.39 and a 200-day moving average price of $15.32.

Palmer Square Capital BDC Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 28th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 11.25%. The ex-dividend date of this dividend was Friday, March 28th. Palmer Square Capital BDC's payout ratio is 97.30%.

Insider Buying and Selling at Palmer Square Capital BDC

In related news, President Matthew L. Bloomfield purchased 4,000 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $15.48 per share, for a total transaction of $61,920.00. Following the acquisition, the president now directly owns 41,478 shares in the company, valued at $642,079.44. This trade represents a 10.67 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.96% of the stock is owned by company insiders.

Institutional Trading of Palmer Square Capital BDC

Institutional investors and hedge funds have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. grew its position in Palmer Square Capital BDC by 73.0% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 83,997 shares of the company's stock valued at $1,277,000 after acquiring an additional 35,437 shares during the period. Bank of New York Mellon Corp increased its position in Palmer Square Capital BDC by 120.3% during the 4th quarter. Bank of New York Mellon Corp now owns 77,878 shares of the company's stock worth $1,184,000 after purchasing an additional 42,533 shares in the last quarter. Marble Harbor Investment Counsel LLC raised its holdings in Palmer Square Capital BDC by 24.3% in the fourth quarter. Marble Harbor Investment Counsel LLC now owns 31,950 shares of the company's stock valued at $486,000 after buying an additional 6,250 shares during the period. Franklin Resources Inc. lifted its position in Palmer Square Capital BDC by 72.0% during the fourth quarter. Franklin Resources Inc. now owns 57,866 shares of the company's stock valued at $880,000 after buying an additional 24,232 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in Palmer Square Capital BDC by 271.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,501 shares of the company's stock worth $114,000 after buying an additional 5,482 shares during the period. 6.52% of the stock is currently owned by institutional investors and hedge funds.

Palmer Square Capital BDC Company Profile

Palmer Square Capital BDC Inc is an externally managed, non-diversified closed-end management investment company which primarily lends to and invests in corporate debt securities, including small to large private U.S. companies and has elected to be regulated as a business development company. Palmer Square Capital BDC Inc is based in MISSION WOODS, Kan.