Fidelity National Financial Inc. Invests $45.92 Million in Crescent Capital BDC, Inc. $CCAP

Key Points

• Fidelity National Financial acquired 4.21 million Crescent Capital BDC shares worth approximately $45.9 million, giving it an 11.41% stake and making CCAP its third-largest portfolio holding.
• Analyst sentiment is cautious: five analysts rate CCAP “Hold” and one rates it “Buy,” with a consensus price target of $13.10. Recent firms lowered targets, while the stock opened at $10.82.
• Crescent Capital BDC reported quarterly EPS of $0.36, slightly below expectations, but declared a $0.34 quarterly dividend—an annualized $1.36 payout and stated 12.6% yield.

Fidelity National Financial Inc. acquired a new stake in Crescent Capital BDC, Inc. (NASDAQ:CCAP - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,205,307 shares of the company's stock, valued at approximately $45,922,000. Crescent Capital BDC comprises about 1.5% of Fidelity National Financial Inc.'s investment portfolio, making the stock its 3rd biggest position. Fidelity National Financial Inc. owned approximately 11.41% of Crescent Capital BDC as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of CCAP. ICG Advisors LLC bought a new position in shares of Crescent Capital BDC in the 4th quarter worth about $1,284,000. Closed End Fund Advisors Inc. bought a new stake in Crescent Capital BDC in the fourth quarter worth approximately $3,166,000. Alpine Global Management LLC increased its holdings in Crescent Capital BDC by 82.6% in the fourth quarter. Alpine Global Management LLC now owns 401,756 shares of the company's stock worth $5,645,000 after purchasing an additional 181,756 shares in the last quarter. Beverly Hills Private Wealth LLC acquired a new position in Crescent Capital BDC in the second quarter valued at approximately $908,000. Finally, Permanens Capital L.P. acquired a new position in Crescent Capital BDC in the third quarter valued at approximately $147,000. Institutional investors own 49.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CCAP. B. Riley Financial lowered 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 note 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. Zacks Research upgraded Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 21st. Wells Fargo & Company reduced their price objective on Crescent Capital BDC from $12.00 to $11.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 12th. Finally, Oppenheimer cut Crescent Capital BDC from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $19.00 to $16.00 in a report on Friday, May 15th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $13.10.

Insider Activity at Crescent Capital BDC

In other Crescent Capital BDC news, President Henry Chung bought 4,500 shares of Crescent Capital BDC stock in a transaction dated Thursday, May 21st. The stock was bought at an average cost of $11.45 per share, with a total value of $51,525.00. Following the completion of the acquisition, the president directly owned 20,722 shares in the company, valued at approximately $237,266.90. The trade was a 27.74% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.23% of the stock is currently owned by corporate insiders.

Crescent Capital BDC Stock Performance

Shares of Crescent Capital BDC stock opened at $10.82 on Wednesday. Crescent Capital BDC, Inc. has a 52 week low of $10.64 and a 52 week high of $16.03. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.41. The business has a 50 day moving average price of $11.14 and a 200-day moving average price of $12.26. The company has a market cap of $398.72 million, a PE ratio of -120.22 and a beta of 0.52.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $5.12 million for the quarter, compared to the consensus estimate of $37.12 million. Equities analysts anticipate that Crescent Capital BDC, Inc. will post 1.51 earnings per share for the current fiscal year.

Crescent Capital BDC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.34 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.36 annualized dividend and a yield of 12.6%. Crescent Capital BDC's dividend payout ratio (DPR) is -1,511.11%.

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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