Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder & Guaranty Life Insur Fidelity Sells 40,000 Shares

Crescent Capital BDC, Inc. (NASDAQ:CCAP) major shareholder & Guaranty Life Insur Fidelity sold 40,000 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $10.62, for a total transaction of $424,800.00. Following the completion of the transaction, the insider directly owned 4,017,564 shares of the company’s stock, valued at approximately $42,666,529.68. This represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

& Guaranty Life Insur Fidelity also recently made the following trade(s):

• 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 value 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 value of $288,267.00.
• On Wednesday, August 26th, & Guaranty Life Insur Fidelity sold 32,091 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.60, for a total value of $340,164.60.

Crescent Capital BDC Stock Performance

Crescent Capital BDC stock opened at $10.48 on Wednesday. The company has a market cap of $386.19 million, a PE ratio of -116.44 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 $10.42 and a 1 year high of $16.03. The company’s 50-day moving average is $11.02 and its two-hundred day moving average is $12.00.

Crescent Capital BDC (NASDAQ:CCAP) last announced its quarterly earnings data 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). The business had revenue of $5.12 million during the quarter, compared to analyst estimates of $37.12 million. Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. Equities 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 announced 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 payout ratio is presently -1,511.11%.

Analysts Set New Price Targets

CCAP has been the subject of several recent analyst reports. B. Riley Financial lowered 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. Oppenheimer lowered shares of Crescent Capital BDC from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $19.00 to $16.00 in a report on Friday, May 15th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $12.00 price objective (down from $13.00) on shares of Crescent Capital BDC in a research report on Monday, August 17th. Zacks Research upgraded Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 21st. Finally, LADENBURG THALM/SH SH 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. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Crescent Capital BDC has a consensus rating of “Hold” and a consensus target price of $13.10.

Institutional Trading of Crescent Capital BDC

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fidelity National Financial Inc. bought a new stake in shares of Crescent Capital BDC in the second quarter valued at about $45,922,000. Rivernorth Capital Management LLC bought a new position in shares of Crescent Capital BDC during the second quarter worth about $7,675,000. Invesco Ltd. raised its position in Crescent Capital BDC by 1,504.9% in the 4th quarter. Invesco Ltd. now owns 659,696 shares of the company’s stock valued at $9,269,000 after buying an additional 618,590 shares during the last quarter. North Ground Capital acquired a new stake in Crescent Capital BDC in the 2nd quarter valued at approximately $5,687,136. Finally, Focus Partners Wealth bought a new stake in Crescent Capital BDC in the 4th quarter valued at approximately $5,476,000. Institutional investors and hedge funds own 49.46% of the company’s stock.

About Crescent Capital BDC

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.