Rivernorth Capital Management LLC Makes New $7.67 Million Investment in Crescent Capital BDC, Inc. $CCAP

Rivernorth Capital Management LLC acquired a new stake in shares of Crescent Capital BDC, Inc. (NASDAQ:CCAP) during the second quarter, Holdings Channel reports. The firm acquired 702,796 shares of the company’s stock, valued at approximately $7,675,000.

A number of other hedge funds have also modified their holdings of the stock. Fidelity National Financial Inc. bought a new position in shares of Crescent Capital BDC during the 2nd quarter worth approximately $45,922,000. North Ground Capital raised its stake in Crescent Capital BDC by 99.8% during the fourth quarter. North Ground Capital now owns 835,312 shares of the company’s stock worth $11,736,000 after acquiring an additional 417,312 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Crescent Capital BDC by 1,504.9% during the fourth quarter. Invesco Ltd. now owns 659,696 shares of the company’s stock valued at $9,269,000 after acquiring an additional 618,590 shares during the period. Franklin Resources Inc. boosted its stake in shares of Crescent Capital BDC by 7.0% in the 3rd quarter. Franklin Resources Inc. now owns 540,460 shares of the company’s stock valued at $7,707,000 after purchasing an additional 35,534 shares in the last quarter. Finally, Bulldog Investors LLP grew its holdings in shares of Crescent Capital BDC by 4.6% in the 4th quarter. Bulldog Investors LLP now owns 457,518 shares of the company’s stock worth $6,428,000 after purchasing an additional 20,000 shares during the last quarter. 49.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CCAP shares. Zacks Research raised shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 21st. B. Riley Financial decreased their price objective on shares of Crescent Capital BDC from $13.50 to $12.50 and set a “neutral” rating on the stock 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 dropped their price objective for the stock from $19.00 to $16.00 in a report on Friday, May 15th. Wall Street Zen cut shares of Crescent Capital BDC from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $12.00 target price (down from $13.00) on shares of Crescent Capital BDC in a report on Monday, August 17th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Crescent Capital BDC has a consensus rating of “Hold” and an average target price of $13.10.

Insiders Place Their Bets

In related news, major shareholder & Guaranty Life Insur Fidelity sold 32,091 shares of Crescent Capital BDC stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $10.60, for a total transaction of $340,164.60. Following the completion of the sale, the insider directly owned 4,099,759 shares of the company’s stock, valued at $43,457,445.40. The trade was a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Henry Chung acquired 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was bought at an average price of $10.89 per share, with a total value of $27,225.00. Following the acquisition, the president directly owned 23,917 shares of the company’s stock, valued at $260,456.13. The trade was a 11.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.23% of the company’s stock.

Crescent Capital BDC Stock Performance

CCAP opened at $10.54 on Monday. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market cap of $388.40 million, a price-to-earnings ratio of -117.11 and a beta of 0.52. The firm has a 50 day simple moving average of $11.05 and a 200 day simple moving average of $12.06. Crescent Capital BDC, Inc. has a fifty-two week low of $10.50 and a fifty-two week high of $16.03.

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). Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. The business had revenue of $5.12 million during the quarter, compared to analyst estimates of $37.12 million. On average, sell-side 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 announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.36 annualized dividend and a dividend yield of 12.9%. Crescent Capital BDC’s payout ratio is presently -1,511.11%.

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.