Key Points
- Guaranty Life Insurance Fidelity sold 45,000 CCAP shares for approximately $469,800 at an average price of $10.44 under a Rule 10b5-1 plan, reducing its ownership by 1.12% to 3.96 million shares. The shareholder also sold additional shares in several transactions from August 26 through September 1.
- Crescent Capital BDC shares opened at $10.45, near the company’s 52-week low of $10.26, while the stock’s 50-day and 200-day moving averages stood at $11.00 and $11.95, respectively. The company recently missed quarterly earnings expectations, reporting $0.36 per share versus the $0.37 consensus estimate.
- The company declared a quarterly dividend of $0.34 per share, representing a 13.0% annualized yield. Analysts maintain an overall “Hold” rating, with an average price target of $13.10.
Crescent Capital BDC, Inc. (NASDAQ:CCAP - Get Free Report) major shareholder & Guaranty Life Insur Fidelity sold 11,285 shares of Crescent Capital BDC stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $10.50, for a total value of $118,492.50. Following the completion of the sale, the insider owned 4,006,279 shares in the company, valued at $42,065,929.50. This represents a 0.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
& Guaranty Life Insur Fidelity also recently made the following trade(s):
- On Wednesday, September 2nd, & Guaranty Life Insur Fidelity sold 45,000 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.44, for a total value of $469,800.00.
- On Monday, August 31st, & Guaranty Life Insur Fidelity sold 40,000 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.62, for a total value of $424,800.00.
- On Friday, August 28th, & Guaranty Life Insur Fidelity sold 15,000 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.60, for a total transaction of $159,000.00.
- On Thursday, August 27th, & Guaranty Life Insur Fidelity sold 27,195 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.60, for a total transaction of $288,267.00.
- On Wednesday, August 26th, & Guaranty Life Insur Fidelity sold 32,091 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.60, for a total transaction of $340,164.60.
Crescent Capital BDC Price Performance
Crescent Capital BDC stock opened at $10.45 on Friday. The company's 50 day simple moving average is $11.00 and its 200-day simple moving average is $11.95. The company has a market capitalization of $385.08 million, a price-to-earnings ratio of -116.11 and a beta of 0.52. Crescent Capital BDC, Inc. has a 1 year low of $10.26 and a 1 year high of $16.03. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.30 and a current ratio of 1.30.
Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). The company had revenue of $5.12 million for the quarter, compared to analysts' expectations of $37.12 million. Crescent Capital BDC had a positive return on equity of 9.02% and a negative net margin of 2.02%. As a group, equities research analysts expect that Crescent Capital BDC, Inc. will post 1.51 earnings per share for the current year.
Crescent Capital BDC Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 13.0%. The ex-dividend date is Wednesday, September 30th. Crescent Capital BDC's dividend payout ratio (DPR) is currently -1,511.11%.
Institutional Investors Weigh In On Crescent Capital BDC
Several large investors have recently bought and sold shares of CCAP. Royal Bank of Canada grew its position in shares of Crescent Capital BDC by 3.6% during the first quarter. Royal Bank of Canada now owns 61,707 shares of the company's stock worth $1,056,000 after buying an additional 2,128 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Crescent Capital BDC during the second quarter worth approximately $165,000. Quantbot Technologies LP acquired a new stake in Crescent Capital BDC in the second quarter valued at approximately $219,000. Invesco Ltd. raised its holdings in Crescent Capital BDC by 31.4% in the second quarter. Invesco Ltd. now owns 38,377 shares of the company's stock valued at $541,000 after acquiring an additional 9,180 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in Crescent Capital BDC in the second quarter worth approximately $286,000. Hedge funds and other institutional investors own 49.46% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on CCAP shares. B. Riley Financial decreased their target price on Crescent Capital BDC from $13.50 to $12.50 and set a "neutral" rating on the stock in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $12.00 price target (down from $13.00) on shares of Crescent Capital BDC in a research note on Monday, August 17th. Wells Fargo & Company lowered their price objective on shares of Crescent Capital BDC from $12.00 to $11.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 12th. Wall Street Zen cut shares of Crescent Capital BDC from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Finally, Oppenheimer downgraded shares of Crescent Capital BDC from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $19.00 to $16.00 in a research note on Friday, May 15th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Crescent Capital BDC has a consensus rating of "Hold" and a consensus target price of $13.10.
Get Our Latest Report on Crescent Capital BDC
About Crescent Capital BDC
(
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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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