Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder & Guaranty Life Insur Fidelity Sells 10,471 Shares

Crescent Capital BDC, Inc. (NASDAQ:CCAP) major shareholder & Guaranty Life Insur Fidelity sold 10,471 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $10.39, for a total transaction of $108,793.69. Following the sale, the insider owned 3,945,797 shares of the company’s stock, valued at $40,996,830.83. This trade represents a 0.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large 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 Thursday, September 3rd, & Guaranty Life Insur Fidelity sold 5,011 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.34, for a total value of $51,813.74.
• On Wednesday, September 2nd, & Guaranty Life Insur Fidelity sold 45,000 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.44, for a total transaction of $469,800.00.
• 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 transaction 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 stock was 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 transaction 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 transaction of $340,164.60.

Crescent Capital BDC Price Performance

Shares of Crescent Capital BDC stock opened at $10.29 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.41. The firm has a market cap of $379.15 million, a PE ratio of -114.33 and a beta of 0.52. Crescent Capital BDC, Inc. has a 12 month low of $10.26 and a 12 month high of $15.92. The stock has a 50 day moving average of $10.95 and a 200 day moving average of $11.88.

Crescent Capital BDC (NASDAQ:CCAP) last announced its quarterly earnings results 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). Crescent Capital BDC had a positive return on equity of 9.02% and a negative net margin of 2.02%.The business had revenue of $5.12 million during the quarter, compared to the consensus estimate of $37.12 million. On average, research analysts expect that Crescent Capital BDC, Inc. will post 1.51 EPS for the current fiscal year.

Crescent Capital BDC Dividend Announcement

The company 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 dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 13.2%. The ex-dividend date of this dividend is Wednesday, September 30th. Crescent Capital BDC’s payout ratio is presently -1,511.11%.

Analysts Set New Price Targets

CCAP has been the topic of several research analyst reports. Oppenheimer downgraded Crescent Capital BDC from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $19.00 to $16.00 in a research report on Friday, May 15th. LADENBURG THALM/SH SH cut their price target on Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Wells Fargo & Company reduced their price objective on shares of Crescent Capital BDC from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 12th. B. Riley Financial decreased their price target 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, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $12.00 target price (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 issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $13.10.

Institutional Trading of Crescent Capital BDC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fidelity National Financial Inc. purchased a new stake in Crescent Capital BDC during the 2nd quarter valued at about $45,922,000. Rivernorth Capital Management LLC purchased a new position in shares of Crescent Capital BDC in the second quarter worth about $7,675,000. Invesco Ltd. raised its stake in shares of Crescent Capital BDC by 1,504.9% in the fourth quarter. Invesco Ltd. now owns 659,696 shares of the company’s stock worth $9,269,000 after purchasing an additional 618,590 shares during the last quarter. North Ground Capital acquired a new stake in shares of Crescent Capital BDC during the second quarter worth about $5,687,136. Finally, Focus Partners Wealth acquired a new stake in shares of Crescent Capital BDC during the fourth quarter worth about $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.