Crescent Capital BDC (NASDAQ:CCAP) Posts Earnings Results, Misses Expectations By $0.01 EPS

Crescent Capital BDC (NASDAQ:CCAP) issued its quarterly earnings results on Monday. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01), Zacks reports. Crescent Capital BDC had a return on equity of 9.34% and a net margin of 9.26%.The firm had revenue of $5.12 million during the quarter, compared to analyst estimates of $37.12 million.

Crescent Capital BDC Stock Down 0.8%

Shares of NASDAQ CCAP opened at $11.68 on Tuesday. The company has a market capitalization of $430.41 million, a P/E ratio of 28.49 and a beta of 0.52. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.53 and a quick ratio of 1.53. The company has a 50 day simple moving average of $11.16 and a 200-day simple moving average of $12.40. Crescent Capital BDC has a 1 year low of $10.64 and a 1 year high of $16.03.

Crescent Capital BDC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 11.6%. Crescent Capital BDC’s dividend payout ratio (DPR) is currently 331.71%.

Wall Street Analyst Weigh In

CCAP has been the topic of a number of research reports. B. Riley Financial restated a “neutral” rating on shares of Crescent Capital BDC in a report on Friday, May 15th. Wall Street Zen cut shares of Crescent Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Keefe, Bruyette & Woods decreased their price target on shares of Crescent Capital BDC from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Wells Fargo & Company lowered their price target on shares of Crescent Capital BDC from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Friday, May 15th. Finally, LADENBURG THALM/SH SH dropped their price objective on shares of Crescent Capital BDC from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Crescent Capital BDC currently has an average rating of “Hold” and a consensus price target of $13.90.

Insider Buying and Selling

In other Crescent Capital BDC news, President Henry Chung bought 4,500 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was bought at an average price of $11.45 per share, with a total value of $51,525.00. Following the completion of the purchase, the president directly owned 20,722 shares in the company, valued at $237,266.90. The trade was a 27.74% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jason Breaux bought 5,000 shares of Crescent Capital BDC stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $11.19 per share, for a total transaction of $55,950.00. Following the transaction, the chief executive officer directly owned 52,636 shares of the company’s stock, valued at approximately $588,996.84. This trade represents a 10.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 1.23% of the company’s stock.

Institutional Trading of Crescent Capital BDC

Hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new stake in Crescent Capital BDC in the 4th quarter valued at about $27,000. VPR Management LLC boosted its position in shares of Crescent Capital BDC by 150.0% during the third quarter. VPR Management LLC now owns 5,000 shares of the company’s stock worth $71,000 after buying an additional 3,000 shares during the period. Permanens Capital L.P. acquired a new stake in shares of Crescent Capital BDC in the third quarter valued at $147,000. XTX Topco Ltd acquired a new stake in shares of Crescent Capital BDC in the second quarter valued at $165,000. Finally, NewEdge Advisors LLC raised its holdings in shares of Crescent Capital BDC by 20.2% in the 4th quarter. NewEdge Advisors LLC now owns 12,279 shares of the company’s stock valued at $173,000 after buying an additional 2,066 shares during the period. 49.46% of the stock is owned by institutional investors and hedge funds.

About Crescent Capital BDC

Crescent Capital BDC, Inc is a closed-end, externally managed business development company that provides flexible financing solutions to middle market companies in the United States. Trading on the Nasdaq under the ticker CCAP, the firm offers investors exposure to a diversified portfolio of debt and equity instruments, targeting businesses with attractive risk-adjusted return profiles. Its primary objective is to generate current income through interest payments and potential capital appreciation via selective equity co-investments.

The company’s investment strategy emphasizes senior secured loans, unsecured second-lien loans, mezzanine debt, as well as preferred and common equity co-investments.