Crescent Capital BDC, Inc. (NASDAQ:CCAP) Sees Large Growth in Short Interest

Crescent Capital BDC, Inc. (NASDAQ:CCAP) was the target of a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 699,889 shares, a growth of 66.6% from the May 14th total of 419,998 shares. Based on an average daily volume of 243,376 shares, the days-to-cover ratio is presently 2.9 days. Approximately 1.9% of the company’s stock are sold short.

Crescent Capital BDC Stock Up 2.2%

CCAP opened at $11.36 on Wednesday. Crescent Capital BDC has a 1-year low of $10.92 and a 1-year high of $16.03. The stock’s fifty day simple moving average is $12.31 and its 200 day simple moving average is $13.34. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.35. The stock has a market cap of $418.62 million, a PE ratio of 27.71 and a beta of 0.52.

Crescent Capital BDC (NASDAQ:CCAP) last posted its quarterly earnings results on Wednesday, May 13th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. Crescent Capital BDC had a return on equity of 9.34% and a net margin of 9.26%.The business had revenue of ($6.84) million for the quarter, compared to analysts’ expectations of $39.58 million. As a group, research analysts expect that Crescent Capital BDC will post 1.38 earnings per share for the current year.

Crescent Capital BDC Dividend Announcement

The firm also recently declared 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 yield of 107.0%. The ex-dividend date is Monday, November 30th. Crescent Capital BDC’s dividend payout ratio is 409.76%.

Insider Activity at Crescent Capital BDC

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

Institutional Investors Weigh In On Crescent Capital BDC

A number of large investors have recently added to or reduced their stakes in CCAP. Invesco Ltd. increased its position in Crescent Capital BDC by 1,504.9% during the 4th quarter. Invesco Ltd. now owns 659,696 shares of the company’s stock worth $9,269,000 after buying an additional 618,590 shares during the period. North Ground Capital increased its position in Crescent Capital BDC by 99.8% during the 4th quarter. North Ground Capital now owns 835,312 shares of the company’s stock worth $11,736,000 after buying an additional 417,312 shares during the period. Focus Partners Wealth bought a new position in Crescent Capital BDC during the 4th quarter worth $5,476,000. Closed End Fund Advisors Inc. bought a new position in Crescent Capital BDC during the 4th quarter worth $3,166,000. Finally, Alpine Global Management LLC bought a new position in Crescent Capital BDC during the 3rd quarter worth $3,137,000. Institutional investors own 49.46% of the company’s stock.

Analysts Set New Price Targets

CCAP has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reduced their price target on Crescent Capital BDC from $15.00 to $13.00 and set an “outperform” rating for the company in a research report on Tuesday. Zacks Research downgraded Crescent Capital BDC from a “hold” rating to a “strong sell” rating in a research report on Monday, May 18th. B. Riley Financial reaffirmed a “neutral” rating on shares of Crescent Capital BDC in a research report on Friday, May 15th. LADENBURG THALM/SH SH reduced their price target on Crescent Capital BDC from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Finally, Wells Fargo & Company reduced their price target on 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. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $13.90.

Crescent Capital BDC Company Profile

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.