Crescent Capital BDC's (CCAP) "Market Perform" Rating Reiterated at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods reiterated a “Market Perform” rating on Crescent Capital BDC, while cutting its price target from $13.00 to $12.00—implying 7.62% upside from the prior close.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and $13.10 price target; Wells Fargo and B. Riley also recently lowered their targets.
• Crescent Capital BDC reported quarterly EPS of $0.36, slightly below the $0.37 estimate, while company executives purchased shares in May. Institutional investors own 49.46% of the stock.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report)'s stock had its "market perform" rating restated by analysts at Keefe, Bruyette & Woods in a research note issued on Monday,Benzinga reports. They currently have a $12.00 price target on the stock, down from their previous price target of $13.00. Keefe, Bruyette & Woods' target price would suggest a potential upside of 7.62% from the stock's previous close.

A number of other analysts have also weighed in on the company. Zacks Research raised Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 21st. Wall Street Zen cut Crescent Capital BDC from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. Wells Fargo & Company lowered their price objective on shares of Crescent Capital BDC from $12.00 to $11.00 and set an "equal weight" rating for the company in a report on Wednesday, August 12th. B. Riley Financial dropped their target price on shares of Crescent Capital BDC from $13.50 to $12.50 and set a "neutral" rating on the stock in a report on Wednesday. Finally, LADENBURG THALM/SH SH dropped their price target on Crescent Capital BDC from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $13.10.

Crescent Capital BDC Price Performance

Shares of NASDAQ CCAP opened at $11.15 on Monday. The stock has a market capitalization of $410.88 million, a P/E ratio of -123.89 and a beta of 0.52. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.30 and a quick ratio of 1.30. Crescent Capital BDC has a one year low of $10.64 and a one year high of $16.03. The firm's 50 day simple moving average is $11.15 and its two-hundred day simple moving average is $12.31.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last released its earnings results on Monday, August 10th. The company reported $0.36 EPS 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 for the quarter, compared to the consensus estimate of $37.12 million. As a group, analysts expect that Crescent Capital BDC will post 1.51 EPS for the current fiscal year.

Insider Activity at Crescent Capital BDC

In other Crescent Capital BDC news, President Henry Chung bought 4,500 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were bought at an average price of $11.45 per share, with a total value of $51,525.00. Following the purchase, 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 SEC, which is available through this hyperlink. Also, CEO Jason Breaux bought 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average price of $11.19 per share, for a total transaction of $55,950.00. Following the completion of the transaction, the chief executive officer directly owned 52,636 shares of the company's stock, valued at $588,996.84. This 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 owned by corporate insiders.

Institutional Investors Weigh In On Crescent Capital BDC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. purchased a new stake in Crescent Capital BDC during the 4th quarter valued at $27,000. Rockefeller Capital Management L.P. purchased a new stake in Crescent Capital BDC in the fourth quarter worth $35,000. VPR Management LLC increased its stake in Crescent Capital BDC by 150.0% in the third quarter. VPR Management LLC now owns 5,000 shares of the company's stock worth $71,000 after purchasing an additional 3,000 shares during the period. Beaumont Financial Advisors LLC bought a new stake in shares of Crescent Capital BDC during the first quarter worth $127,000. Finally, Permanens Capital L.P. purchased a new stake in shares of Crescent Capital BDC during the third quarter valued at $147,000. 49.46% of the stock is currently owned by hedge funds and other institutional investors.

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.

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