Crescent Capital BDC (NASDAQ:CCAP) Issues Quarterly Earnings Results

Crescent Capital BDC (NASDAQ:CCAP) announced its quarterly earnings data on Monday. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.46), FiscalAI reports. Crescent Capital BDC had a net margin of 9.26% and a return on equity of 9.34%. The firm had revenue of $5.12 million during the quarter, compared to analyst estimates of $37.12 million.

Crescent Capital BDC Stock Performance

Shares of CCAP traded down $0.09 during trading hours on Monday, hitting $11.68. The stock had a trading volume of 193,629 shares, compared to its average volume of 222,522. The firm has a 50-day moving average price of $11.16 and a 200 day moving average price of $12.42. Crescent Capital BDC has a fifty-two week low of $10.64 and a fifty-two week high of $16.03. The firm has a market capitalization of $430.41 million, a price-to-earnings ratio of 28.49 and a beta of 0.52. 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 Announces Dividend

The company 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 $0.03 dividend. This represents a dividend yield of 107.0%. The ex-dividend date is Monday, November 30th. Crescent Capital BDC’s payout ratio is currently 331.71%.

Insiders Place Their Bets

In other news, President Henry Chung bought 4,500 shares of the stock in a transaction dated Thursday, May 21st. The shares were acquired at an average cost of $11.45 per share, with a total value of $51,525.00. Following the purchase, the president directly owned 20,722 shares in the company, valued at $237,266.90. The trade was a 27.74% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jason Breaux bought 5,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average price of $11.19 per share, for a total transaction of $55,950.00. Following the completion of the transaction, the chief executive officer directly owned 52,636 shares in the company, valued at approximately $588,996.84. This trade represents a 10.50% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crescent Capital BDC

A number of large investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. acquired a new stake in Crescent Capital BDC in the fourth quarter valued at approximately $27,000. VPR Management LLC lifted its position in shares of Crescent Capital BDC by 150.0% during the 3rd quarter. VPR Management LLC now owns 5,000 shares of the company’s stock valued at $71,000 after buying an additional 3,000 shares in the last quarter. Permanens Capital L.P. acquired a new stake in Crescent Capital BDC in the 3rd quarter valued at $147,000. XTX Topco Ltd acquired a new stake in Crescent Capital BDC in the 2nd quarter valued at $165,000. Finally, NewEdge Advisors LLC increased its holdings in Crescent Capital BDC by 20.2% in the 4th quarter. NewEdge Advisors LLC now owns 12,279 shares of the company’s stock worth $173,000 after acquiring an additional 2,066 shares in the last quarter. Institutional investors and hedge funds own 49.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Oppenheimer downgraded shares of Crescent Capital BDC from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $19.00 to $16.00 in a report on Friday, May 15th. Zacks Research upgraded shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 21st. LADENBURG THALM/SH SH reduced their target price on shares of Crescent Capital BDC from $16.00 to $15.00 and set a “buy” rating for the company in a report on Friday, May 15th. Wells Fargo & Company decreased their target price on shares of Crescent Capital BDC from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Friday, May 15th. Finally, Wall Street Zen lowered shares of Crescent Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Crescent Capital BDC has a consensus rating of “Hold” and a consensus target price of $13.90.

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.