Crescent Capital BDC (NASDAQ:CCAP) Posts Quarterly Earnings Results, Misses Estimates By $0.08 EPS

Key Points

• Crescent Capital BDC reported quarterly EPS of $0.27, missing analyst estimates of $0.35 by $0.08. Revenue was $36.89 million, slightly above the $36.37 million consensus.
• Shares fell 1.5% to $9.24 in Monday trading. Analysts’ average rating is Hold, with a consensus price target of $12.25.
• Insiders sold 451,543 shares worth about $4.69 million over the past three months; insiders own 1.23% of the company.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) posted its quarterly earnings results on Monday. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.08), FiscalAI reports. Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. The company had revenue of $36.89 million during the quarter, compared to analysts' expectations of $36.37 million.

Crescent Capital BDC Stock Down 1.5%

CCAP stock traded down $0.14 during mid-day trading on Monday, reaching $9.24. The company had a trading volume of 214,869 shares, compared to its average volume of 229,792. The firm has a fifty day simple moving average of $9.45 and a 200 day simple moving average of $11.56. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.30 and a current ratio of 1.30. The company has a market capitalization of $340.46 million, a price-to-earnings ratio of -102.67 and a beta of 0.56. Crescent Capital BDC has a fifty-two week low of $8.40 and a fifty-two week high of $15.18.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CCAP shares. B. Riley Financial cut their price objective on shares of Crescent Capital BDC from $13.50 to $12.50 and set a "neutral" rating for the company in a research report on Wednesday, August 12th. Raymond James Financial set a $10.00 target price on shares of Crescent Capital BDC in a report on Thursday, October 22nd. Bank of America lowered shares of Crescent Capital BDC from a "buy" rating to a "neutral" rating and decreased their target price for the company from $13.00 to $10.25 in a report on Thursday, September 10th. Wall Street Zen raised shares of Crescent Capital BDC from a "sell" rating to a "hold" rating in a research note on Saturday, October 10th. Finally, LADENBURG THALM/SH SH cut their price target on shares of Crescent Capital BDC from $15.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Crescent Capital BDC currently has an average rating of "Hold" and a consensus target price of $12.25.

Insider Activity at Crescent Capital BDC

In other Crescent Capital BDC news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $10.23, for a total value of $1,422,522.42. Following the sale, the insider directly owned 3,680,307 shares of the company's stock, valued at approximately $37,649,540.61. This represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 451,543 shares of company stock worth $4,689,738 over the last three months. Insiders own 1.23% of the company's stock.

Crescent Capital BDC Company Profile

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.

The company is externally managed by Crescent Cap Advisors LLC, an affiliate of Crescent Capital Group LP, an investment firm specializing in credit and alternative investments.

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