124,618 Shares in Crescent Capital BDC, Inc. $CCAP Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 124,618 shares of Crescent Capital BDC in the second quarter, valued at approximately $1.36 million and representing about 0.34% of the company. Institutional investors collectively own 49.46% of CCAP.
• Crescent Capital BDC reported quarterly EPS of $0.36, slightly below the $0.37 consensus estimate, while revenue of $5.12 million fell well short of analysts’ $37.12 million forecast. The stock has declined near its one-year low, recently opening at $10.37.
• The company declared a quarterly dividend of $0.34 per share, equivalent to $1.36 annually and a 13.1% indicated yield. Analysts maintain a consensus “Hold” rating with a $13.10 target price, while insider activity included purchases by President Henry Chung and recent sales by a major shareholder.

BlackRock Inc. purchased a new stake in Crescent Capital BDC, Inc. (NASDAQ:CCAP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 124,618 shares of the company's stock, valued at approximately $1,361,000. BlackRock Inc. owned about 0.34% of Crescent Capital BDC as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Ieq Capital LLC grew its position in shares of Crescent Capital BDC by 3.0% in the 4th quarter. Ieq Capital LLC now owns 25,470 shares of the company's stock worth $358,000 after acquiring an additional 746 shares in the last quarter. Mariner LLC raised its position in shares of Crescent Capital BDC by 0.3% during the 4th quarter. Mariner LLC now owns 451,774 shares of the company's stock valued at $6,369,000 after acquiring an additional 1,492 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Crescent Capital BDC during the 4th quarter valued at approximately $27,000. LMG Wealth Partners LLC lifted its stake in Crescent Capital BDC by 17.8% during the first quarter. LMG Wealth Partners LLC now owns 13,548 shares of the company's stock worth $165,000 after purchasing an additional 2,048 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Crescent Capital BDC by 20.2% during the fourth quarter. NewEdge Advisors LLC now owns 12,279 shares of the company's stock worth $173,000 after purchasing an additional 2,066 shares during the last quarter. Institutional investors and hedge funds own 49.46% of the company's stock.

Insider Buying and Selling at Crescent Capital BDC

In related news, President Henry Chung acquired 2,500 shares of Crescent Capital BDC stock in a transaction that occurred on Wednesday, August 19th. The stock was acquired at an average price of $10.89 per share, with a total value of $27,225.00. Following the completion of the acquisition, the president directly owned 23,917 shares of the company's stock, valued at $260,456.13. This trade represents a 11.67% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder & Guaranty Life Insur Fidelity sold 45,000 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $10.44, for a total transaction of $469,800.00. Following the completion of the transaction, the insider owned 3,961,279 shares of the company's stock, valued at $41,355,752.76. This represents a 1.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 170,571 shares of company stock valued at $1,800,524. Company insiders own 1.23% of the company's stock.

Crescent Capital BDC Stock Performance

Shares of CCAP opened at $10.37 on Monday. The firm has a fifty day moving average of $10.98 and a 200-day moving average of $11.93. The company has a market cap of $382.13 million, a price-to-earnings ratio of -115.22 and a beta of 0.52. 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, Inc. has a 1 year low of $10.26 and a 1 year high of $16.03.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). Crescent Capital BDC had a positive return on equity of 9.02% and a negative net margin of 2.02%.The business had revenue of $5.12 million for the quarter, compared to analyst estimates of $37.12 million. As a group, equities analysts anticipate that Crescent Capital BDC, Inc. will post 1.51 earnings per share for the current year.

Crescent Capital BDC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.36 annualized dividend and a dividend yield of 13.1%. Crescent Capital BDC's dividend payout ratio is presently -1,511.11%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CCAP. B. Riley Financial decreased 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 report on Wednesday, August 12th. Wells Fargo & Company dropped their target price on shares of Crescent Capital BDC from $12.00 to $11.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 12th. LADENBURG THALM/SH SH reduced their price target on shares of 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. Wall Street Zen lowered shares of Crescent Capital BDC from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $12.00 price objective (down from $13.00) on shares of Crescent Capital BDC in a research report on Monday, August 17th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Crescent Capital BDC presently has a consensus rating of "Hold" and a consensus target price of $13.10.

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.

Want to see what other hedge funds are holding CCAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crescent Capital BDC, Inc. (NASDAQ:CCAP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.