Palmer Square Capital BDC (NYSE:PSBD) Stock Price Up 1% – Here’s What Happened

Palmer Square Capital BDC Inc. (NYSE:PSBD)’s share price was up 1% on Tuesday . The company traded as high as $13.58 and last traded at $13.01. Approximately 50,533 shares changed hands during trading, an increase of 80% from the average daily volume of 28,042 shares. The stock had previously closed at $12.88.

Palmer Square Capital BDC Stock Performance

The firm has a market cap of $424.25 million, a P/E ratio of 6.78 and a beta of 0.60. The firm has a fifty day moving average of $14.56 and a 200-day moving average of $15.39.

Palmer Square Capital BDC Cuts Dividend

The business also recently announced 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 11.07%. The ex-dividend date of this dividend was Friday, March 28th. Palmer Square Capital BDC’s payout ratio is 97.30%.

Insider Activity

In other news, President Matthew L. Bloomfield purchased 4,200 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average price of $15.38 per share, for a total transaction of $64,596.00. Following the completion of the purchase, the president now owns 32,478 shares of the company’s stock, valued at $499,511.64. This trade represents a 14.85 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Palmer Square Capital BDC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. raised its stake in Palmer Square Capital BDC by 73.0% during the 4th 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 in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Palmer Square Capital BDC by 120.3% during the fourth quarter. Bank of New York Mellon Corp now owns 77,878 shares of the company’s stock valued at $1,184,000 after purchasing an additional 42,533 shares in the last quarter. Marble Harbor Investment Counsel LLC raised its stake in shares of Palmer Square Capital BDC by 24.3% during the fourth quarter. Marble Harbor Investment Counsel LLC now owns 31,950 shares of the company’s stock valued at $486,000 after purchasing an additional 6,250 shares in the last quarter. Confluence Investment Management LLC lifted its holdings in Palmer Square Capital BDC by 1.0% in the first quarter. Confluence Investment Management LLC now owns 105,639 shares of the company’s stock worth $1,407,000 after purchasing an additional 1,093 shares during the period. Finally, Pandi LLC bought a new position in Palmer Square Capital BDC in the 4th quarter valued at about $13,860,000. 6.52% of the stock is owned by institutional investors.

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.