Crescent Capital BDC, Inc. $CCAP Stock Position Increased by Beach Point Capital Management LP

Key Points

• Beach Point Capital Management increased its Crescent Capital BDC position by 1,301.2% in the third quarter, bringing its holdings to 515,892 shares valued at approximately $4.7 million. Institutional investors own 49.46% of the company.
• CCAP shares opened at $8.62, near their 52-week low of $8.60 and well below the $15.18 high. The company recently reported quarterly EPS of $0.36, slightly below estimates, while analysts maintain a consensus “Hold” rating with a $12.62 price target.
• Crescent Capital BDC paid a quarterly dividend of $0.34 per share, equivalent to an annualized $1.36 dividend and a reported 15.8% yield. Meanwhile, insiders sold 451,543 shares worth approximately $4.69 million during the last quarter.

Beach Point Capital Management LP lifted its position in Crescent Capital BDC, Inc. (NASDAQ:CCAP - Free Report) by 1,301.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 515,892 shares of the company's stock after buying an additional 479,075 shares during the quarter. Crescent Capital BDC comprises approximately 2.1% of Beach Point Capital Management LP's holdings, making the stock its 9th largest position. Beach Point Capital Management LP owned 1.40% of Crescent Capital BDC worth $4,736,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Rockefeller Capital Management L.P. acquired a new position in Crescent Capital BDC in the 4th quarter valued at $35,000. Integrated Wealth Concepts LLC acquired a new position in Crescent Capital BDC during the 2nd quarter worth $60,000. Beacon Pointe Advisors LLC acquired a new position in Crescent Capital BDC during the 2nd quarter worth $111,000. Engineers Gate Manager LP bought a new stake in Crescent Capital BDC during the second quarter valued at about $114,000. Finally, Beaumont Financial Advisors LLC bought a new stake in Crescent Capital BDC during the first quarter valued at about $127,000. 49.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Crescent Capital BDC

In related news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of the company's stock in a transaction dated 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 owned 3,680,307 shares of the company's stock, valued at $37,649,540.61. The trade was a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 451,543 shares of company stock worth $4,689,738. 1.23% of the stock is currently owned by insiders.

Crescent Capital BDC Stock Down 0.9%

Shares of CCAP opened at $8.62 on Wednesday. The company has a 50-day simple moving average of $9.92 and a 200-day simple moving average of $11.14. The firm has a market capitalization of $317.65 million, a P/E ratio of 5.15 and a beta of 0.57. 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 52 week low of $8.60 and a 52 week high of $15.18.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last posted its quarterly 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 firm had revenue of $5.12 million during the quarter, compared to analyst estimates of $37.12 million. On average, equities research analysts expect that Crescent Capital BDC, Inc. will post 1.49 earnings per share for the current year.

Crescent Capital BDC Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 15.8%. The ex-dividend date was Wednesday, September 30th. Crescent Capital BDC's payout ratio is -1,511.11%.

Wall Street Analysts Forecast Growth

CCAP has been the subject of several recent analyst reports. Keefe, Bruyette & Woods restated a "market perform" rating and set a $12.00 target price (down from $13.00) on shares of Crescent Capital BDC in a research note on Monday, August 17th. Zacks Research raised Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 21st. Wells Fargo & Company dropped their price target on Crescent Capital BDC from $12.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 12th. Wall Street Zen raised Crescent Capital BDC from a "sell" rating to a "hold" rating in a research report on Saturday, October 10th. Finally, Bank of America reiterated a "neutral" rating and set a $10.25 price target (down from $13.00) on shares of Crescent Capital BDC in a report on Thursday, September 10th. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $12.62.

About Crescent Capital BDC

Crescent Capital BDC, Inc NASDAQ: CCAP is a business development company that provides financing to middle-market companies. The company invests primarily in privately negotiated loans and other debt securities, with a focus on supporting businesses that may have limited access to traditional bank financing.

Crescent Capital BDC generally emphasizes senior secured loans, including first-lien and second-lien debt, while also making select investments in unsecured debt and equity securities.

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