Crescent Capital BDC (NASDAQ:CCAP) Price Target Lowered to $15.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods lowered its price target on Crescent Capital BDC to $15.00 (from $15.50) while maintaining an "outperform" rating, implying roughly an 11.9% upside from the prior close.
• The stock carries a consensus rating of Moderate Buy with an average analyst target of $15.50 and a mixed breakdown of one Strong Buy, three Buy and three Hold ratings.
• Crescent Capital BDC reported Q4 EPS of $0.45 (vs. $0.44 estimate) but revenue of $19.05M well below the $39.83M estimate; shares recently traded around $13.41 with a market cap near $496M and a 52‑week range of $11.80–$17.02.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) had its price objective dropped by stock analysts at Keefe, Bruyette & Woods from $15.50 to $15.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price points to a potential upside of 11.86% from the company's previous close.

CCAP has been the subject of a number of other research reports. B. Riley Financial began coverage on Crescent Capital BDC in a research note on Monday, March 30th. They issued a "neutral" rating and a $13.50 target price for the company. Zacks Research upgraded shares of Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 10th. Wall Street Zen upgraded shares of Crescent Capital BDC from a "sell" rating to a "hold" rating in a report on Saturday, January 10th. Finally, Wells Fargo & Company cut their target price on shares of Crescent Capital BDC from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $15.50.

Crescent Capital BDC Trading Up 2.8%

Shares of CCAP opened at $13.41 on Thursday. The firm has a market cap of $495.77 million, a price-to-earnings ratio of 14.27 and a beta of 0.55. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.22 and a current ratio of 1.22. Crescent Capital BDC has a fifty-two week low of $11.80 and a fifty-two week high of $17.02. The firm has a 50 day moving average price of $13.10 and a 200-day moving average price of $13.86.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last released its earnings results on Wednesday, February 25th. The company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.01. Crescent Capital BDC had a return on equity of 9.32% and a net margin of 20.64%.The company had revenue of $19.05 million during the quarter, compared to analyst estimates of $39.83 million. As a group, equities research analysts forecast that Crescent Capital BDC will post 2.09 earnings per share for the current year.

Hedge Funds Weigh In On Crescent Capital BDC

A number of hedge funds and other institutional investors have recently made changes to their positions in CCAP. Northwestern Mutual Wealth Management Co. bought a new position in shares of Crescent Capital BDC during the fourth quarter valued at approximately $27,000. Rockefeller Capital Management L.P. bought a new position in shares of Crescent Capital BDC during the fourth quarter valued at approximately $35,000. VPR Management LLC raised its holdings in shares of Crescent Capital BDC by 150.0% during the third quarter. VPR Management LLC now owns 5,000 shares of the company's stock valued at $71,000 after acquiring an additional 3,000 shares in the last quarter. Westbourne Investments Inc. bought a new position in shares of Crescent Capital BDC during the third quarter valued at approximately $141,000. Finally, Permanens Capital L.P. purchased a new position in shares of Crescent Capital BDC during the third quarter valued at about $147,000. Institutional investors 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.

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