Franklin Resources Inc. Purchases 24,232 Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD)

Franklin Resources Inc. lifted its stake in Palmer Square Capital BDC Inc. (NYSE:PSBD - Free Report) by 72.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 57,866 shares of the company's stock after buying an additional 24,232 shares during the period. Franklin Resources Inc. owned about 0.18% of Palmer Square Capital BDC worth $880,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. raised its stake in shares of Palmer Square Capital BDC by 73.0% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 83,997 shares of the company's stock valued at $1,277,000 after buying an additional 35,437 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Palmer Square Capital BDC by 120.3% in 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 acquiring an additional 42,533 shares during the period. Finally, Marble Harbor Investment Counsel LLC raised its position 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 worth $486,000 after purchasing an additional 6,250 shares in the last quarter. 6.52% of the stock is currently owned by institutional investors.

Insider Activity

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

Wall Street Analysts Forecast Growth

Separately, UBS Group lowered their price objective on Palmer Square Capital BDC from $16.50 to $14.00 and set a "neutral" rating on the stock in a research note on Thursday.

Palmer Square Capital BDC Price Performance

Shares of PSBD traded down $0.34 during trading hours on Friday, hitting $12.81. The stock had a trading volume of 26,937 shares, compared to its average volume of 27,921. The stock has a market capitalization of $417.60 million, a price-to-earnings ratio of 6.67 and a beta of 0.60. The company's fifty day moving average is $14.45 and its two-hundred day moving average is $15.35. Palmer Square Capital BDC Inc. has a 52 week low of $11.89 and a 52 week high of $17.02.

Palmer Square Capital BDC Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Friday, March 28th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 11.25%. The ex-dividend date was Friday, March 28th. Palmer Square Capital BDC's payout ratio is 97.30%.

About Palmer Square Capital BDC

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.