Crescent Capital BDC (NASDAQ:CCAP) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Crescent Capital BDC (NASDAQ:CCAP) from a strong sell rating to a hold rating in a research report released on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently commented on the company. Oppenheimer downgraded Crescent Capital BDC from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $19.00 to $16.00 in a report on Friday, May 15th. LADENBURG THALM/SH SH reduced their target price on Crescent Capital BDC from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Keefe, Bruyette & Woods decreased their target price on Crescent Capital BDC from $15.00 to $13.00 and set an “outperform” rating for the company in a research report on Tuesday, June 16th. Wall Street Zen raised Crescent Capital BDC from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Finally, B. Riley Financial reiterated a “neutral” rating on shares of Crescent Capital BDC in a research report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Crescent Capital BDC has a consensus rating of “Hold” and an average price target of $13.90.

Crescent Capital BDC Price Performance

CCAP opened at $11.06 on Tuesday. The company has a fifty day moving average price of $11.21 and a two-hundred day moving average price of $12.70. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.53 and a current ratio of 1.53. Crescent Capital BDC has a 52 week low of $10.77 and a 52 week high of $16.03. The firm has a market capitalization of $407.56 million, a PE ratio of 26.98 and a beta of 0.52.

Crescent Capital BDC (NASDAQ:CCAP) last issued its earnings results on Wednesday, May 13th. The company reported $0.42 EPS for the quarter, beating the consensus estimate 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 company had revenue of ($6.83) million during the quarter, compared to analysts’ expectations of $39.58 million. As a group, analysts anticipate that Crescent Capital BDC will post 1.38 earnings per share for the current year.

Crescent Capital BDC Announces Dividend

The firm also recently announced a special dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be paid 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 dividend payout ratio is presently 331.71%.

Insider Activity at Crescent Capital BDC

In related news, CEO Jason Breaux purchased 5,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were purchased at an average price of $11.19 per share, with a total value of $55,950.00. Following the completion of the purchase, the chief executive officer owned 52,636 shares in the company, valued at $588,996.84. This represents a 10.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Henry Chung purchased 4,500 shares of Crescent Capital BDC stock in a transaction dated 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 directly owned 20,722 shares of the company’s stock, valued at approximately $237,266.90. This trade represents a 27.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.23% of the company’s stock.

Hedge Funds Weigh In On Crescent Capital BDC

Large investors have recently added to or reduced their stakes in the company. ICG Advisors LLC bought a new position in Crescent Capital BDC in the fourth quarter valued at approximately $1,284,000. Riverbridge Partners LLC bought a new stake in shares of Crescent Capital BDC during the 4th quarter worth approximately $1,326,000. Closed End Fund Advisors Inc. acquired a new stake in shares of Crescent Capital BDC in the 4th quarter valued at approximately $3,166,000. Adams Asset Advisors LLC grew its stake in shares of Crescent Capital BDC by 352.6% in the fourth quarter. Adams Asset Advisors LLC now owns 79,828 shares of the company’s stock valued at $1,122,000 after buying an additional 62,189 shares in the last quarter. Finally, Alpine Global Management LLC grew its stake in shares of Crescent Capital BDC by 82.6% in the fourth quarter. Alpine Global Management LLC now owns 401,756 shares of the company’s stock valued at $5,645,000 after buying an additional 181,756 shares in the last quarter. 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.