Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder & Guaranty Life Insur Fidelity Sells 40,000 Shares of Stock

Key Points

• Major shareholder Guaranty Life Insurance Fidelity sold 40,000 CCAP shares for $424,800 under a pre-arranged Rule 10b5-1 plan, reducing its stake by 0.99% to 4.02 million shares. The shareholder also sold additional shares in several transactions from August 26–28.
• Crescent Capital BDC shares fell 0.7% to $10.54, near their 52-week low of $10.42. The company missed quarterly EPS expectations, reporting $0.36 versus the $0.37 consensus estimate.
• The company declared a quarterly dividend of $0.34 per share, implying a $1.36 annualized payout and a 12.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $13.10.

Crescent Capital BDC, Inc. (NASDAQ:CCAP - Get Free Report) major shareholder & Guaranty Life Insur Fidelity sold 40,000 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $10.62, for a total transaction of $424,800.00. Following the transaction, the insider directly owned 4,017,564 shares of the company's stock, valued at $42,666,529.68. The trade was a 0.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% 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 Friday, August 28th, & Guaranty Life Insur Fidelity sold 15,000 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.60, for a total value of $159,000.00.
• On Thursday, August 27th, & Guaranty Life Insur Fidelity sold 27,195 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.60, for a total value of $288,267.00.
• On Wednesday, August 26th, & Guaranty Life Insur Fidelity sold 32,091 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.60, for a total value of $340,164.60.

Crescent Capital BDC Trading Down 0.7%

Shares of CCAP traded down $0.07 during midday trading on Tuesday, hitting $10.54. 84,068 shares of the stock were exchanged, compared to its average volume of 222,551. Crescent Capital BDC, Inc. has a 52-week low of $10.42 and a 52-week high of $16.03. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.30 and a current ratio of 1.30. The stock has a fifty day simple moving average of $11.04 and a 200 day simple moving average of $12.03. The firm has a market cap of $388.58 million, a P/E ratio of -117.34 and a beta of 0.52.

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 (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 analysts' expectations of $37.12 million. On average, research analysts anticipate that Crescent Capital BDC, Inc. will post 1.51 EPS for the current fiscal year.

Crescent Capital BDC Announces Dividend

The business also recently announced 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. This represents a $1.36 annualized dividend and a yield of 12.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Crescent Capital BDC's payout ratio is presently -1,511.11%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Fidelity National Financial Inc. acquired a new stake in Crescent Capital BDC during the 2nd quarter worth $45,922,000. Rivernorth Capital Management LLC acquired a new position in Crescent Capital BDC in the second quarter valued at $7,675,000. Invesco Ltd. grew its holdings in shares of Crescent Capital BDC by 1,504.9% during the fourth 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 last quarter. North Ground Capital purchased a new position in shares of Crescent Capital BDC during the second quarter worth about $5,687,136. Finally, Focus Partners Wealth acquired a new stake in shares of Crescent Capital BDC during the fourth quarter worth about $5,476,000. 49.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on CCAP shares. Wells Fargo & Company cut 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 research note on Wednesday, August 12th. Zacks Research upgraded shares of Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $12.00 price target (down from $13.00) on shares of Crescent Capital BDC in a report on Monday, August 17th. LADENBURG THALM/SH SH dropped their price objective 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. Finally, B. Riley Financial reduced their price objective on shares of Crescent Capital BDC from $13.50 to $12.50 and set a "neutral" rating on the stock in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Crescent Capital BDC currently has an average 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.

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