Crescent Capital BDC (NASDAQ:CCAP) Announces Earnings Results, Beats Estimates By $0.01 EPS

Crescent Capital BDC (NASDAQ:CCAP) released its quarterly earnings data on Wednesday. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.01, Zacks reports. Crescent Capital BDC had a return on equity of 9.32% and a net margin of 20.64%.The firm had revenue of ($6.83) million during the quarter, compared to analysts’ expectations of $39.58 million.

Crescent Capital BDC Price Performance

Crescent Capital BDC stock opened at $13.07 on Thursday. The stock has a market capitalization of $483.20 million, a P/E ratio of 13.90 and a beta of 0.59. Crescent Capital BDC has a 12-month low of $11.80 and a 12-month high of $16.90. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.22 and a quick ratio of 1.22. The firm’s 50-day moving average is $13.01 and its two-hundred day moving average is $13.80.

Crescent Capital BDC Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 12.9%. The ex-dividend date of this dividend was Tuesday, March 31st. Crescent Capital BDC’s dividend payout ratio (DPR) is currently 178.72%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CCAP shares. Zacks Research raised shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Wells Fargo & Company reduced their price objective on shares of Crescent Capital BDC from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. B. Riley Financial assumed coverage on shares of Crescent Capital BDC in a report on Monday, March 30th. They set a “neutral” rating and a $13.50 price objective on the stock. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Crescent Capital BDC from $15.50 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Crescent Capital BDC presently has a consensus rating of “Moderate Buy” and an average target price of $15.50.

Hedge Funds Weigh In On Crescent Capital BDC

Several institutional investors and hedge funds have recently modified their holdings of CCAP. Royal Bank of Canada grew its stake in Crescent Capital BDC by 3.6% in the 1st quarter. Royal Bank of Canada now owns 61,707 shares of the company’s stock worth $1,056,000 after acquiring an additional 2,128 shares during the period. XTX Topco Ltd purchased a new position in shares of Crescent Capital BDC during the 2nd quarter worth $165,000. Quantbot Technologies LP purchased a new position in shares of Crescent Capital BDC during the 2nd quarter worth $219,000. Invesco Ltd. boosted its holdings in shares of Crescent Capital BDC by 31.4% during the second quarter. Invesco Ltd. now owns 38,377 shares of the company’s stock worth $541,000 after purchasing an additional 9,180 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Crescent Capital BDC in the second quarter valued at $286,000. Hedge funds and other institutional investors own 49.46% of the company’s stock.

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.