Wall Street Zen cut shares of Crescent Capital BDC (NASDAQ:CCAP – Free Report) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.
A number of other equities research analysts also recently issued reports on the company. Zacks Research upgraded Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 21st. Wells Fargo & Company decreased their price target on Crescent Capital BDC from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Friday, May 15th. Oppenheimer cut shares of Crescent Capital BDC from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $19.00 to $16.00 in a research report on Friday, May 15th. Keefe, Bruyette & Woods lowered their target price on shares of Crescent Capital BDC from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Tuesday, June 16th. Finally, B. Riley Financial reiterated a “neutral” rating on shares of Crescent Capital BDC in a report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Crescent Capital BDC presently has an average rating of “Hold” and an average price target of $13.90.
View Our Latest Report on Crescent Capital BDC
Crescent Capital BDC Price Performance
Crescent Capital BDC (NASDAQ:CCAP – Get Free Report) last posted its earnings results on Wednesday, May 13th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. Crescent Capital BDC had a net margin of 9.26% and a return on equity of 9.34%. The firm had revenue of ($6.83) million for the quarter, compared to the consensus estimate of $39.58 million. Sell-side analysts forecast that Crescent Capital BDC will post 1.38 EPS for the current fiscal year.
Crescent Capital BDC Announces Dividend
The business also recently announced a special dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be given a dividend of $0.03 per share. This represents a yield of 107.0%. The ex-dividend date of this dividend is Monday, November 30th. Crescent Capital BDC’s payout ratio is currently 331.71%.
Insider Buying and Selling
In related news, President Henry Chung purchased 4,500 shares of the business’s stock in a transaction that occurred 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 acquisition, the president 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jason Breaux acquired 5,000 shares of Crescent Capital BDC stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $11.19 per share, for a total transaction of $55,950.00. Following the transaction, the chief executive officer owned 52,636 shares of the company’s stock, valued at $588,996.84. This represents a 10.50% increase in their position. The SEC filing for this purchase provides additional information. 1.23% of the stock is owned by company insiders.
Institutional Trading of Crescent Capital BDC
Institutional investors have recently added to or reduced their stakes in the stock. Confluence Investment Management LLC boosted its stake in shares of Crescent Capital BDC by 9.9% during the 2nd quarter. Confluence Investment Management LLC now owns 35,410 shares of the company’s stock worth $387,000 after acquiring an additional 3,187 shares in the last quarter. Bank of America Corp DE boosted its position in Crescent Capital BDC by 4.6% during the first quarter. Bank of America Corp DE now owns 59,551 shares of the company’s stock worth $724,000 after purchasing an additional 2,628 shares in the last quarter. Aspen Grove Capital LLC grew its holdings in Crescent Capital BDC by 0.9% in the first quarter. Aspen Grove Capital LLC now owns 269,852 shares of the company’s stock valued at $3,279,000 after purchasing an additional 2,434 shares during the last quarter. Catalyst Capital Advisors LLC grew its holdings in Crescent Capital BDC by 206.1% in the first quarter. Catalyst Capital Advisors LLC now owns 15,000 shares of the company’s stock valued at $182,000 after purchasing an additional 10,100 shares during the last quarter. Finally, Beaumont Financial Advisors LLC acquired a new position in shares of Crescent Capital BDC during the 1st quarter worth $127,000. Hedge funds and other institutional investors own 49.46% of the company’s stock.
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.
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