Wells Fargo & Company Issues Pessimistic Forecast for Crescent Capital BDC (NASDAQ:CCAP) Stock Price

Key Points

• Wells Fargo cut its price target on Crescent Capital BDC from $11 to $10 and maintained an Equal Weight rating, implying about 1.3% downside from the share price cited in the report.
• Analyst sentiment is mostly Hold: six analysts rate CCAP Hold and one rates it Buy, with a consensus price target of $12.11.
• Crescent Capital BDC beat quarterly estimates, reporting EPS of $0.37 versus $0.35 expected and revenue of $36.89 million versus $36.37 million expected.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) had its price objective lowered by investment analysts at Wells Fargo & Company from $11.00 to $10.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective indicates a potential downside of 1.33% from the company's current price.

Several other research firms have also commented on CCAP. Raymond James Financial set a $10.00 price objective on shares of Crescent Capital BDC in a research note on Thursday, October 22nd. LADENBURG THALM/SH SH lowered their target price on shares of Crescent Capital BDC from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Wall Street Zen raised shares of Crescent Capital BDC from a "sell" rating to a "hold" rating in a report on Saturday, October 10th. Keefe, Bruyette & Woods lowered shares of Crescent Capital BDC from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $13.00 to $12.00 in a report on Monday, August 17th. Finally, Zacks Research raised Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $12.11.

Crescent Capital BDC Stock Performance

Shares of Crescent Capital BDC stock opened at $10.13 on Wednesday. The company has a market capitalization of $373.47 million, a PE ratio of -1,021.00 and a beta of 0.56. The company has a 50-day simple moving average of $9.44 and a two-hundred day simple moving average of $11.53. Crescent Capital BDC has a one year low of $8.40 and a one year high of $15.18. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.30 and a current ratio of 1.30.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last released its quarterly earnings results on Monday, November 9th. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.02. Crescent Capital BDC had a negative net margin of 0.10% and a positive return on equity of 8.66%. The business had revenue of $36.89 million for the quarter, compared to analysts' expectations of $36.37 million. Research analysts expect that Crescent Capital BDC will post 1.49 EPS for the current fiscal year.

Insider Buying and Selling at Crescent Capital BDC

In other news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of the business's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $1,422,522.42. Following the sale, the insider owned 3,680,307 shares in the company, valued at approximately $37,649,540.61. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 451,543 shares of company stock worth $4,689,738 in the last 90 days. 1.23% of the stock is currently owned by insiders.

Institutional Trading of Crescent Capital BDC

A number of institutional investors have recently bought and sold shares of the stock. Fidelity National Financial Inc. purchased a new stake in Crescent Capital BDC during the 2nd quarter worth approximately $45,922,000. Rivernorth Capital Management LLC purchased a new position in shares of Crescent Capital BDC in the second quarter worth $7,675,000. North Ground Capital purchased a new position in shares of Crescent Capital BDC in the second quarter worth $5,687,136. Beach Point Capital Management LP lifted its stake in shares of Crescent Capital BDC by 1,301.2% during the third quarter. Beach Point Capital Management LP now owns 515,892 shares of the company's stock worth $4,736,000 after buying an additional 479,075 shares during the period. Finally, Almitas Capital LLC acquired a new stake in shares of Crescent Capital BDC during the second quarter worth $3,897,000. 49.46% of the stock is currently owned by institutional investors and hedge funds.

About Crescent Capital BDC

Crescent Capital BDC, Inc. is a business development company that provides financing to middle-market companies. The company seeks to generate current income and, to a lesser extent, capital appreciation by investing in privately negotiated debt and equity securities. Its investment portfolio is focused primarily on senior secured loans, including first-lien and second-lien loans, as well as other debt investments and selected equity interests. Crescent Capital BDC generally works with established companies across a range of industries, providing capital for acquisitions, recapitalizations, refinancing, growth initiatives and other corporate purposes.

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