Crescent Capital BDC, Inc. (NASDAQ:CCAP) Receives $13.10 Consensus PT from Brokerages

Crescent Capital BDC, Inc. (NASDAQ:CCAP) has received a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the company, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $12.6250.

A number of research firms have weighed in on CCAP. LADENBURG THALM/SH SH decreased their price objective on shares of Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Bank of America reaffirmed a “neutral” rating and set a $10.25 target price (down from $13.00) on shares of Crescent Capital BDC in a research report on Thursday. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $12.00 price target (down from $13.00) on shares of Crescent Capital BDC in a research note on Monday, August 17th. Wall Street Zen downgraded Crescent Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Finally, B. Riley Financial lowered their price objective on 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.

Crescent Capital BDC Price Performance

NASDAQ CCAP opened at $9.92 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.41. Crescent Capital BDC has a fifty-two week low of $9.88 and a fifty-two week high of $15.86. The business has a 50 day moving average price of $10.89 and a two-hundred day moving average price of $11.81. The stock has a market cap of $365.55 million, a PE ratio of -110.22 and a beta of 0.52.

Crescent Capital BDC (NASDAQ:CCAP) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The firm had revenue of $5.12 million for the quarter, compared to analysts’ expectations of $37.12 million. Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. As a group, sell-side analysts predict that Crescent Capital BDC will post 1.49 EPS for the current fiscal year.

Crescent Capital BDC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 13.7%. The ex-dividend date of this dividend is Wednesday, September 30th. Crescent Capital BDC’s dividend payout ratio is presently -1,511.11%.

Insider Activity at Crescent Capital BDC

In other news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $1,422,522.42. Following the completion of the sale, the insider owned 3,680,307 shares of the company’s stock, valued at approximately $37,649,540.61. This trade represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 451,543 shares of company stock worth $4,689,738. Corporate insiders own 1.23% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Fidelity National Financial Inc. bought a new stake in shares of Crescent Capital BDC in the 2nd quarter worth about $45,922,000. North Ground Capital lifted its position in shares of Crescent Capital BDC by 99.8% during the fourth quarter. North Ground Capital now owns 835,312 shares of the company’s stock worth $11,736,000 after purchasing an additional 417,312 shares during the last quarter. Rivernorth Capital Management LLC acquired a new position in Crescent Capital BDC in the second quarter worth about $7,675,000. Invesco Ltd. grew its stake in Crescent Capital BDC by 1,504.9% in the fourth quarter. Invesco Ltd. now owns 659,696 shares of the company’s stock worth $9,269,000 after purchasing an additional 618,590 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Crescent Capital BDC by 7.0% in the third quarter. Franklin Resources Inc. now owns 540,460 shares of the company’s stock valued at $7,707,000 after buying an additional 35,534 shares during the last quarter. 49.46% of the stock is owned by institutional investors and hedge funds.

Crescent Capital BDC Company Profile

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.