Crescent Capital BDC (NASDAQ:CCAP) Given New $13.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut Crescent Capital BDC’s price target from $15.00 to $13.00 while keeping an outperform rating, implying about 14.6% upside from the previous close.
• Recent analyst sentiment has turned more cautious overall, with multiple firms lowering targets or downgrading the stock; the consensus rating is now Hold with an average price target of $13.90.
• Insiders have been buying shares: CEO Jason Breaux and President Henry Chung both increased their holdings in May, signaling some internal confidence even as the stock trades near its 52-week low.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) had its price objective decreased by equities researchers at Keefe, Bruyette & Woods from $15.00 to $13.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price objective suggests a potential upside of 14.61% from the company's previous close.

CCAP has been the topic of a number of other research reports. Wells Fargo & Company reduced their target price on Crescent Capital BDC from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Friday, May 15th. Oppenheimer downgraded Crescent Capital BDC from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $19.00 to $16.00 in a report on Friday, May 15th. Wall Street Zen downgraded Crescent Capital BDC from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. LADENBURG THALM/SH SH reduced their target price on Crescent Capital BDC from $16.00 to $15.00 and set a "buy" rating on the stock in a report on Friday, May 15th. Finally, B. Riley Financial reaffirmed a "neutral" rating on shares of Crescent Capital BDC in a report on Friday, May 15th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $13.90.

Crescent Capital BDC Stock Performance

NASDAQ:CCAP traded up $0.22 during trading hours on Tuesday, reaching $11.34. 139,449 shares of the stock were exchanged, compared to its average volume of 212,692. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.35. The firm has a 50 day simple moving average of $12.33 and a 200-day simple moving average of $13.37. Crescent Capital BDC has a 52 week low of $10.92 and a 52 week high of $16.03. The stock has a market capitalization of $417.99 million, a P/E ratio of 27.69 and a beta of 0.52.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last released its earnings results on Wednesday, May 13th. The company reported $0.42 EPS for the quarter, topping 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 company had revenue of ($6.84) million for the quarter, compared to the consensus estimate of $39.58 million. As a group, sell-side analysts forecast that Crescent Capital BDC will post 1.38 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Crescent Capital BDC

A number of institutional investors and hedge funds have recently made changes to their positions in CCAP. Alpine Global Management LLC acquired a new stake in Crescent Capital BDC in the 3rd quarter valued at approximately $3,137,000. Bulldog Investors LLP increased its position in Crescent Capital BDC by 50.7% in the 3rd quarter. Bulldog Investors LLP now owns 437,518 shares of the company's stock valued at $6,239,000 after acquiring an additional 147,135 shares during the period. ICG Advisors LLC acquired a new stake in Crescent Capital BDC in the 4th quarter valued at approximately $1,284,000. Riverbridge Partners LLC acquired a new stake in Crescent Capital BDC in the 4th quarter valued at approximately $1,326,000. Finally, Adams Asset Advisors LLC increased its position in Crescent Capital BDC by 352.6% in the 4th quarter. Adams Asset Advisors LLC now owns 79,828 shares of the company's stock valued at $1,122,000 after acquiring an additional 62,189 shares during the period. 49.46% of the stock is currently owned by institutional investors and hedge funds.

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.

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