Crescent Capital BDC (NASDAQ:CCAP) Issues Earnings Results

Crescent Capital BDC (NASDAQ:CCAP) released its quarterly earnings data on Wednesday. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01, Zacks reports. Crescent Capital BDC had a return on equity of 9.76% and a net margin of 20.84%.

Crescent Capital BDC Price Performance

Shares of CCAP stock traded up $0.39 during trading hours on Wednesday, hitting $13.27. 216,494 shares of the company’s stock were exchanged, compared to its average volume of 190,976. Crescent Capital BDC has a 52 week low of $12.70 and a 52 week high of $18.57. The stock has a market cap of $490.86 million, a price-to-earnings ratio of 13.54 and a beta of 0.55. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.20 and a quick ratio of 1.20. The stock’s 50-day moving average is $14.29 and its 200-day moving average is $14.53.

Analyst Ratings Changes

A number of brokerages have weighed in on CCAP. Keefe, Bruyette & Woods lowered their price target on Crescent Capital BDC from $17.00 to $15.50 and set an “outperform” rating on the stock in a research report on Friday, November 14th. Oppenheimer cut their price objective on Crescent Capital BDC from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, November 14th. Wells Fargo & Company lowered their target price on shares of Crescent Capital BDC from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Friday, November 14th. Zacks Research upgraded shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, Wall Street Zen raised shares of Crescent Capital BDC from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.38.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCAP. Northwestern Mutual Wealth Management Co. bought a new position in Crescent Capital BDC in the fourth quarter valued at approximately $27,000. VPR Management LLC lifted its stake in shares of Crescent Capital BDC by 150.0% in the 3rd quarter. VPR Management LLC now owns 5,000 shares of the company’s stock valued at $71,000 after purchasing an additional 3,000 shares during the period. Permanens Capital L.P. bought a new position in shares of Crescent Capital BDC in the 3rd quarter worth $147,000. XTX Topco Ltd acquired a new stake in shares of Crescent Capital BDC during the second quarter worth $165,000. Finally, NewEdge Advisors LLC grew its stake in shares of Crescent Capital BDC by 20.2% during the fourth quarter. NewEdge Advisors LLC now owns 12,279 shares of the company’s stock worth $173,000 after purchasing an additional 2,066 shares during the period. Institutional investors and hedge funds 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.