Crescent Capital BDC (NASDAQ:CCAP) Price Target Cut to $10.00 by Analysts at Wells Fargo & Company

Crescent Capital BDC (NASDAQ:CCAP) had its price target cut by Wells Fargo & Company from $11.00 to $10.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

CCAP has been the subject of several other research reports. Bank of America lowered shares of Crescent Capital BDC from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $13.00 to $10.25 in a research report on Thursday, September 10th. Zacks Research raised shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 21st. Ladenburg Thalmann & Co. Inc. dropped their target price on shares of Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. B. Riley Financial cut their target price on shares of Crescent Capital BDC from $13.50 to $12.50 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Finally, Wall Street Zen raised shares of Crescent Capital BDC from a “sell” rating to a “hold” rating in a research note on Saturday, October 10th. Seven equities research analysts have rated the stock with a Hold rating. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $11.54.

Crescent Capital BDC Stock Down 1.3%

Shares of Crescent Capital BDC stock opened at $10.25 on Wednesday. The business has a fifty day simple moving average of $9.44 and a 200-day simple moving average of $11.51. Crescent Capital BDC has a fifty-two week low of $8.40 and a fifty-two week high of $15.18. The firm has a market cap of $377.67 million, a price-to-earnings ratio of -1,025.00 and a beta of 0.56.

Crescent Capital BDC (NASDAQ:CCAP) last released its earnings results on Monday, November 9th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Crescent Capital BDC had a positive return on equity of 8.74% and a negative net margin of 0.10%. The firm had revenue of $36.89 million for the quarter, compared to analyst estimates of $36.37 million. Analysts anticipate that Crescent Capital BDC will post 1.49 earnings per share for the current fiscal year.

Crescent Capital BDC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $1.36 dividend on an annualized basis and a yield of 13.3%. Crescent Capital BDC’s dividend payout ratio (DPR) is currently -13,600.00%.

Insiders Place Their Bets

In other Crescent Capital BDC news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of Crescent Capital BDC stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $1,422,522.42. Following the transaction, the insider directly owned 3,680,307 shares in the company, valued at approximately $37,649,540.61. The trade was a 3.64% decrease in their position. The transaction 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. In the last 90 days, insiders have sold 451,543 shares of company stock worth $4,689,738. Insiders own 1.23% of the company’s stock.

Institutional Trading of Crescent Capital BDC

Hedge funds have recently modified their holdings of the business. Condor Capital Management raised its position in Crescent Capital BDC by 0.7% during the third quarter. Condor Capital Management now owns 281,799 shares of the company’s stock valued at $2,587,000 after buying an additional 1,840 shares during the period. SMH Capital Advisors Inc. purchased a new stake in Crescent Capital BDC in the 3rd quarter worth about $143,000. Beach Point Capital Management LP boosted its position in Crescent Capital BDC by 1,301.2% during the 3rd quarter. Beach Point Capital Management LP now owns 515,892 shares of the company’s stock worth $4,736,000 after acquiring an additional 479,075 shares during the period. TT Capital Management LLC boosted its position in Crescent Capital BDC by 9.2% during the 3rd quarter. TT Capital Management LLC now owns 27,600 shares of the company’s stock worth $253,000 after acquiring an additional 2,333 shares during the period. Finally, Adams Asset Advisors LLC boosted its position in Crescent Capital BDC by 8.4% during the 3rd quarter. Adams Asset Advisors LLC now owns 119,066 shares of the company’s stock worth $1,093,000 after acquiring an additional 9,238 shares during the period. Hedge funds and other institutional investors own 49.46% of the company’s stock.

Latest Crescent Capital BDC News

Here’s some of the latest news about CCAP:

• Positive Sentiment: The company declared a quarterly dividend of $0.34 per share, equivalent to $1.36 annually and a reported 13.1% yield. The high yield may appeal to income-focused investors, though it does not guarantee future payouts.
• Negative Sentiment: Ladenburg Thalmann downgraded CCAP from “buy” to “neutral” and set a $10 price target. Wells Fargo also cut its target from $11 to $10 and maintained an “equal weight” rating—both targets are below the cited $10.25 share price. Article: Crescent Capital analyst rating
• Negative Sentiment: Direct lending for buyouts fell 60% year over year, a sign of weaker activity in an important lending channel that could weigh on future growth. Article: Crescent Capital takeaways for long-term investors

Crescent Capital BDC Company Profile

Crescent Capital BDC, Inc. is a business development company that provides financing to middle-market businesses. It is externally managed by Crescent Capital Group LP, an alternative credit investment manager. The company invests primarily in debt, including first- and second-lien senior secured loans and subordinated debt, and may also make equity investments. Its portfolio focuses mainly on U.S. companies. Crescent Capital BDC began investment operations in 2015. Through its financing activities, it aims to support the business needs of middle-market companies, including growth and other strategic initiatives.