Almitas Capital LLC Takes $3.90 Million Position in Crescent Capital BDC, Inc. $CCAP

Key Points

• Almitas Capital acquired 356,905 Crescent Capital BDC shares worth approximately $3.90 million, representing a 0.97% stake. 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 expectation.
• The company declared a quarterly dividend of $0.34 per share, implying a $1.36 annualized payout and a 12.8% yield. Analysts maintain a consensus “Hold” rating with a $13.10 price target, despite CCAP opening at $10.60.

Almitas Capital LLC acquired a new stake in shares of Crescent Capital BDC, Inc. (NASDAQ:CCAP - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 356,905 shares of the company's stock, valued at approximately $3,897,000. Almitas Capital LLC owned 0.97% of Crescent Capital BDC at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fidelity National Financial Inc. purchased a new stake in shares of Crescent Capital BDC in the second quarter worth $45,922,000. Invesco Ltd. lifted its stake in shares of Crescent Capital BDC by 1,504.9% during the 4th quarter. Invesco Ltd. now owns 659,696 shares of the company's stock valued at $9,269,000 after buying an additional 618,590 shares in the last quarter. North Ground Capital bought a new position in Crescent Capital BDC in the 2nd quarter worth $5,687,136,000. Focus Partners Wealth bought a new position in Crescent Capital BDC in the 4th quarter worth $5,476,000. Finally, Closed End Fund Advisors Inc. purchased a new stake in Crescent Capital BDC in the 4th quarter worth $3,166,000. 49.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, President Henry Chung purchased 2,500 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was bought at an average price of $10.89 per share, for a total transaction of $27,225.00. Following the completion of the transaction, the president owned 23,917 shares in the company, valued at approximately $260,456.13. The trade was a 11.67% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.23% of the company's stock.

Crescent Capital BDC Stock Performance

NASDAQ CCAP opened at $10.60 on Friday. 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, Inc. has a 1-year low of $10.50 and a 1-year high of $16.03. The business has a 50 day simple moving average of $11.06 and a two-hundred day simple moving average of $12.08. The stock has a market capitalization of $390.61 million, a PE ratio of -117.78 and a beta of 0.52.

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 firm had revenue of $5.12 million for the quarter, compared to analysts' expectations of $37.12 million. On average, research analysts predict that Crescent Capital BDC, Inc. will post 1.51 EPS for the current fiscal year.

Crescent Capital BDC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 12.8%. The ex-dividend date is Wednesday, September 30th. Crescent Capital BDC's dividend payout ratio is currently -1,511.11%.

Analyst Ratings Changes

CCAP has been the topic of a number of research analyst reports. Wells Fargo & Company lowered their price target on 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. Wall Street Zen cut shares of Crescent Capital BDC from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $12.00 target price (down from $13.00) on shares of Crescent Capital BDC in a report on Monday, August 17th. Zacks Research upgraded shares of Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. Finally, LADENBURG THALM/SH SH cut their target price on shares of Crescent Capital BDC from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Crescent Capital BDC has a consensus rating of "Hold" and a consensus price target 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.

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