Crescent Capital BDC’s (CCAP) Neutral Rating Reiterated at Bank of America

by · The Cerbat Gem

Bank of America reiterated their neutral rating on shares of Crescent Capital BDC (NASDAQ:CCAP – Free Report) in a research report released on Thursday,Benzinga reports. Bank of America currently has a $10.25 price objective on the stock, down from their prior price objective of $13.00.

Other analysts also recently issued reports about the company. LADENBURG THALM/SH SH cut their target price on Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Wells Fargo & Company decreased their price target on 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. Oppenheimer downgraded Crescent Capital BDC from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $19.00 to $16.00 in a report on Friday, May 15th. Zacks Research raised Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $12.00 price objective (down from $13.00) on shares of Crescent Capital BDC in a report on Monday, August 17th. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $12.62.

Read Our Latest Analysis on CCAP

Crescent Capital BDC Trading Down 0.1%

Shares of NASDAQ CCAP opened at $9.92 on Thursday. The firm’s 50 day moving average price is $10.89 and its 200-day moving average price is $11.82. The company has a market cap of $365.55 million, a PE ratio of -110.22 and a beta of 0.52. Crescent Capital BDC has a 52-week low of $9.88 and a 52-week high of $15.86. 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 announced its quarterly earnings results on Monday, August 10th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.01). Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. The firm had revenue of $5.12 million for the quarter, compared to the consensus estimate of $37.12 million. On average, equities research analysts expect that Crescent Capital BDC will post 1.49 EPS for the current fiscal year.

Crescent Capital BDC Dividend Announcement

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

Insiders Place Their Bets

In other Crescent Capital BDC news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $10.23, for a total value of $1,422,522.42. Following the transaction, the insider directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 451,543 shares of company stock valued at $4,689,738 over the last 90 days. 1.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crescent Capital BDC

Institutional investors and hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. bought a new stake in Crescent Capital BDC during the fourth quarter valued at approximately $27,000. Rockefeller Capital Management L.P. purchased a new position in shares of Crescent Capital BDC during the 4th quarter worth $35,000. Integrated Wealth Concepts LLC purchased a new position in shares of Crescent Capital BDC during the 2nd quarter worth $60,000. VPR Management LLC grew its position in shares of Crescent Capital BDC by 150.0% during the 3rd quarter. VPR Management LLC now owns 5,000 shares of the company’s stock valued at $71,000 after acquiring an additional 3,000 shares during the period. Finally, Beacon Pointe Advisors LLC bought a new stake in shares of Crescent Capital BDC during the 2nd quarter valued at $111,000. Hedge funds and other institutional investors own 49.46% of the company’s stock.

About Crescent Capital BDC

(Get Free Report)

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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