Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder & Guaranty Life Insur Fidelity Sells 32,091 Shares

Key Points

• Major shareholder Guaranty Life Insurance Fidelity sold 32,091 CCAP shares at an average price of $10.60, generating $340,164.60. The sale, made under a Rule 10b5-1 plan, reduced its stake by 0.78% to 4.10 million shares; it also sold 27,195 shares the following day.
• Crescent Capital BDC shares traded at $10.54, near their 52-week low of $10.50 and well below the 52-week high of $16.03. The stock has an average analyst rating of “Hold” with a $13.10 consensus price target.
• The company declared a quarterly dividend of $0.34 per share, implying an annualized payout of $1.36 and a 12.9% yield. Its latest quarterly earnings of $0.36 per share slightly missed estimates, while revenue of $5.12 million was far below the $37.12 million consensus forecast.

Crescent Capital BDC, Inc. (NASDAQ:CCAP - Get Free Report) major shareholder & Guaranty Life Insur Fidelity sold 32,091 shares of the business's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $10.60, for a total value of $340,164.60. Following the completion of the sale, the insider directly owned 4,099,759 shares of the company's stock, valued at $43,457,445.40. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

& Guaranty Life Insur Fidelity also recently made the following trade(s):

• On Thursday, August 27th, & Guaranty Life Insur Fidelity sold 27,195 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.60, for a total value of $288,267.00.

Crescent Capital BDC Stock Performance

NASDAQ:CCAP traded down $0.06 during mid-day trading on Friday, reaching $10.54. 150,256 shares of the stock were exchanged, compared to its average volume of 223,095. The stock has a market capitalization of $388.40 million, a P/E ratio of -117.11 and a beta of 0.52. Crescent Capital BDC, Inc. has a 1 year low of $10.50 and a 1 year high of $16.03. The company has a 50 day simple moving average of $11.06 and a 200-day simple moving average of $12.08. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.41.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $5.12 million during the quarter, compared to analyst estimates of $37.12 million. Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. 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 firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.34 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.36 dividend on an annualized basis and a yield of 12.9%. Crescent Capital BDC's dividend payout ratio is currently -1,511.11%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $12.00 price objective (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. LADENBURG THALM/SH SH reduced their price objective on 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. Finally, Wall Street Zen cut Crescent Capital BDC from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Crescent Capital BDC currently has an average rating of "Hold" and an average target price of $13.10.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Fidelity National Financial Inc. purchased a new position in Crescent Capital BDC during the second quarter worth about $45,922,000. North Ground Capital increased its position in Crescent Capital BDC by 99.8% during the 4th quarter. North Ground Capital now owns 835,312 shares of the company's stock worth $11,736,000 after purchasing an additional 417,312 shares during the period. Rivernorth Capital Management LLC acquired a new position in Crescent Capital BDC during the 2nd quarter worth approximately $7,675,000. Invesco Ltd. increased its position in Crescent Capital BDC by 1,504.9% during the 4th quarter. Invesco Ltd. now owns 659,696 shares of the company's stock worth $9,269,000 after purchasing an additional 618,590 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Crescent Capital BDC by 7.0% during the 3rd quarter. Franklin Resources Inc. now owns 540,460 shares of the company's stock worth $7,707,000 after buying an additional 35,534 shares in the last quarter. 49.46% of the stock is currently owned by institutional investors and hedge funds.

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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