Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder & Guaranty Life Insur Fidelity Sells 45,000 Shares

Crescent Capital BDC, Inc. (NASDAQ:CCAP) major shareholder & Guaranty Life Insur Fidelity sold 45,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $10.44, for a total value of $469,800.00. Following the sale, the insider owned 3,961,279 shares of the company’s stock, valued at approximately $41,355,752.76. The trade was a 1.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, September 1st, & Guaranty Life Insur Fidelity sold 11,285 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.50, for a total value of $118,492.50.
• On Monday, August 31st, & Guaranty Life Insur Fidelity sold 40,000 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.62, for a total value of $424,800.00.
• 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 stock was 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 stock was 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 $10.45 on Friday. 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 $10.26 and a 1 year high of $16.03. The company has a market cap of $385.08 million, a PE ratio of -116.11 and a beta of 0.52. The company’s 50-day moving average is $11.00 and its two-hundred day moving average is $11.95.

Crescent Capital BDC (NASDAQ:CCAP) last issued its earnings results on Monday, August 10th. The company reported $0.36 earnings per share (EPS) 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 the consensus estimate 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 firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.36 dividend on an annualized basis and a yield of 13.0%. Crescent Capital BDC’s dividend payout ratio (DPR) is presently -1,511.11%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. HighTower Advisors LLC increased its stake in Crescent Capital BDC by 7.7% in the second quarter. HighTower Advisors LLC now owns 129,484 shares of the company’s stock valued at $1,414,000 after purchasing an additional 9,286 shares in the last quarter. Rivernorth Capital Management LLC bought a new position in shares of Crescent Capital BDC during the second quarter worth $7,675,000. Beach Point Capital Management LP bought a new position in shares of Crescent Capital BDC during the second quarter worth $402,042. Van ECK Associates Corp boosted its position in shares of Crescent Capital BDC by 3.7% during the second quarter. Van ECK Associates Corp now owns 165,366 shares of the company’s stock worth $1,806,000 after purchasing an additional 5,936 shares in the last quarter. Finally, Beacon Pointe Advisors LLC acquired a new position in shares of Crescent Capital BDC in the 2nd quarter valued at $111,000. Institutional investors own 49.46% of the company’s stock.

Analyst Upgrades and Downgrades

CCAP has been the subject of several recent research reports. Wall Street Zen cut shares of Crescent Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Wells Fargo & Company reduced their price target on Crescent Capital BDC from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 12th. Oppenheimer cut Crescent Capital BDC from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $19.00 to $16.00 in a research note on Friday, May 15th. B. Riley Financial decreased their price objective on 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, Zacks Research upgraded Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.10.

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.