Crescent Capital BDC (NASDAQ:CCAP) Stock Rating Cut to “Neutral” at Ladenburg Thalmann & Co. Inc.

Ladenburg Thalmann & Co. Inc. lowered shares of Crescent Capital BDC (NASDAQ:CCAP) from a buy rating to a neutral rating in a research report report published on Wednesday morning, MarketBeat Ratings reports. Ladenburg Thalmann & Co. Inc. currently has $10.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company lowered their price objective on shares of Crescent Capital BDC from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday. Raymond James Financial set a $10.00 target price on shares of Crescent Capital BDC in a research report on Thursday, October 22nd. Bank of America lowered shares of Crescent Capital BDC from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $13.00 to $10.25 in a research report on Thursday, September 10th. Wall Street Zen raised shares of Crescent Capital BDC from a “sell” rating to a “hold” rating in a research note on Saturday, October 10th. Finally, B. Riley Financial decreased their price target on shares of Crescent Capital BDC from $13.50 to $12.50 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Seven investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.54.

Crescent Capital BDC Trading Down 1.3%

Shares of CCAP opened at $10.25 on Wednesday. The firm has a fifty day moving average price of $9.44 and a 200-day moving average price of $11.51. The firm has a market capitalization of $377.67 million, a P/E ratio of -1,025.00 and a beta of 0.56. Crescent Capital BDC has a 12-month low of $8.40 and a 12-month high of $15.18.

Crescent Capital BDC (NASDAQ:CCAP) last posted its quarterly earnings results on Monday, November 9th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. The company had revenue of $36.89 million for the quarter, compared to the consensus estimate of $36.37 million. Crescent Capital BDC had a negative net margin of 0.10% and a positive return on equity of 8.74%. Analysts predict that Crescent Capital BDC will post 1.49 earnings per share for the current year.

Crescent Capital BDC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be paid a dividend of $0.34 per share. The ex-dividend date is Thursday, December 31st. This represents a $1.36 annualized dividend and a dividend yield of 13.3%. Crescent Capital BDC’s dividend payout ratio (DPR) is currently -13,600.00%.

Insider Activity at Crescent Capital BDC

In related news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of Crescent Capital BDC stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $10.23, for a total value of $1,422,522.42. Following the completion of the sale, the insider directly owned 3,680,307 shares in the company, valued at $37,649,540.61. The trade was a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 451,543 shares of company stock worth $4,689,738 in the last 90 days. Company insiders own 1.23% of the company’s stock.

Institutional Trading of Crescent Capital BDC

Hedge funds have recently added to or reduced their stakes in the business. Fidelity National Financial Inc. bought a new position in Crescent Capital BDC during the 2nd quarter worth about $45,922,000. Rivernorth Capital Management LLC purchased a new position in Crescent Capital BDC during the 2nd quarter valued at about $7,675,000. North Ground Capital purchased a new position in Crescent Capital BDC during the 2nd quarter valued at about $5,687,136. Beach Point Capital Management LP increased its position in Crescent Capital BDC by 1,301.2% during the 3rd quarter. Beach Point Capital Management LP now owns 515,892 shares of the company’s stock valued at $4,736,000 after purchasing an additional 479,075 shares during the period. Finally, Almitas Capital LLC bought a new stake in shares of Crescent Capital BDC in the 2nd quarter valued at about $3,897,000. 49.46% of the stock is owned by hedge funds and other institutional investors.

Crescent Capital BDC News Summary

These are some of the CCAP news items that stood out recently:

• Positive Sentiment: Crescent Capital authorized a $50 million share repurchase program, which could support per-share value if the company uses the authorization to buy stock. Article: Crescent Capital BDC outlines $50M buyback
• Positive Sentiment: The company declared a quarterly dividend of $0.34 per share, equivalent to $1.36 annually and a reported 13.1% yield. The high yield may appeal to income-focused investors, though it does not guarantee future payouts.
• Positive Sentiment: CCAP’s latest reported quarter topped estimates, with EPS of $0.37 versus the $0.35 consensus and revenue of $36.89 million versus $36.37 million. Broader analyst estimates also point to potential upside, though that outlook contrasts with the latest target reductions. Article: Wall Street analysts on CCAP

Crescent Capital BDC Company Profile

Crescent Capital BDC, Inc. is a business development company that provides financing to middle-market businesses. It is externally managed by Crescent Capital Group LP, an alternative credit investment manager. The company invests primarily in debt, including first- and second-lien senior secured loans and subordinated debt, and may also make equity investments. Its portfolio focuses mainly on U.S. companies. Crescent Capital BDC began investment operations in 2015. Through its financing activities, it aims to support the business needs of middle-market companies, including growth and other strategic initiatives.