Rivernorth Capital Management LLC Takes Position in Crescent Capital BDC, Inc. $CCAP

Rivernorth Capital Management LLC acquired a new stake in Crescent Capital BDC, Inc. (NASDAQ:CCAP) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 702,796 shares of the company’s stock, valued at approximately $7,675,000. Rivernorth Capital Management LLC owned approximately 1.91% of Crescent Capital BDC as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in 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 purchasing an additional 2,128 shares during the period. XTX Topco Ltd acquired a new position in Crescent Capital BDC during the second quarter valued at approximately $165,000. Quantbot Technologies LP bought a new position in shares of Crescent Capital BDC in the second quarter valued at approximately $219,000. Invesco Ltd. lifted its stake in shares of Crescent Capital BDC by 31.4% in the second quarter. Invesco Ltd. now owns 38,377 shares of the company’s stock worth $541,000 after buying an additional 9,180 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Crescent Capital BDC in the second quarter worth $286,000. 49.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Crescent Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. LADENBURG THALM/SH SH cut their target price on shares of Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Wells Fargo & Company decreased their price target on shares of Crescent Capital BDC from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Wednesday, August 12th. B. Riley Financial lowered their price target on Crescent Capital BDC from $13.50 to $12.50 and set a “neutral” rating on the stock in a research report on Wednesday, August 12th. 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 research note on Monday, August 17th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Crescent Capital BDC has an average rating of “Hold” and a consensus price target of $13.10.

Crescent Capital BDC Price Performance

CCAP opened at $10.54 on Monday. The business has a 50 day moving average of $11.05 and a 200-day moving average of $12.06. The stock has a market capitalization of $388.40 million, a price-to-earnings ratio of -117.11 and a beta of 0.52. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.41. Crescent Capital BDC, Inc. has a 1-year low of $10.50 and a 1-year high of $16.03.

Crescent Capital BDC (NASDAQ:CCAP) last announced its earnings results on Monday, August 10th. The company reported $0.36 earnings per share (EPS) 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 the consensus estimate 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, sell-side analysts anticipate that Crescent Capital BDC, Inc. will post 1.51 earnings per share for the current year.

Crescent Capital BDC Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 12.9%. Crescent Capital BDC’s dividend payout ratio is currently -1,511.11%.

Insider Transactions at Crescent Capital BDC

In other Crescent Capital BDC news, major shareholder & Guaranty Life Insur Fidelity sold 32,091 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $10.60, for a total value of $340,164.60. Following the completion of the sale, the insider owned 4,099,759 shares in the company, valued at approximately $43,457,445.40. This trade represents a 0.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Henry Chung acquired 2,500 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were purchased at an average cost of $10.89 per share, for a total transaction of $27,225.00. Following the acquisition, the president directly owned 23,917 shares in the company, valued at $260,456.13. This represents a 11.67% increase in their position. The SEC filing for this purchase provides additional information. 1.23% of the stock is currently owned by corporate insiders.

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.