Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder Sells $108,793.69 in Stock

Key Points

• Major shareholder Guaranty Life Insurance Fidelity sold 10,471 CCAP shares for $108,793.69 under a pre-arranged Rule 10b5-1 plan, reducing its position by 0.26% while retaining 3.95 million shares.
• CCAP shares fell 0.1% to $10.36 and remain near their 52-week low of $10.26. The company recently reported quarterly EPS of $0.36, slightly below estimates, and revenue of $5.12 million versus $37.12 million expected.
• Crescent Capital BDC declared a quarterly dividend of $0.34 per share, representing a 13.1% annualized 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 10,471 shares of the firm's stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $10.39, for a total value of $108,793.69. Following the completion of the sale, the insider directly owned 3,945,797 shares of the company's stock, valued at $40,996,830.83. This trade represents a 0.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

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

• On Thursday, September 3rd, & Guaranty Life Insur Fidelity sold 5,011 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.34, for a total transaction of $51,813.74.
• On Wednesday, September 2nd, & Guaranty Life Insur Fidelity sold 45,000 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.44, for a total transaction of $469,800.00.
• On Tuesday, September 1st, & Guaranty Life Insur Fidelity sold 11,285 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.50, for a total transaction of $118,492.50.
• On Monday, August 31st, & Guaranty Life Insur Fidelity sold 40,000 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.62, for a total transaction of $424,800.00.
• On Friday, August 28th, & Guaranty Life Insur Fidelity sold 15,000 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.60, for a total transaction of $159,000.00.
• 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 transaction of $288,267.00.
• On Wednesday, August 26th, & Guaranty Life Insur Fidelity sold 32,091 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.60, for a total value of $340,164.60.

Crescent Capital BDC Stock Down 0.1%

CCAP stock traded down $0.01 during mid-day trading on Tuesday, reaching $10.36. 258,266 shares of the company traded hands, compared to its average volume of 223,706. 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 firm's 50 day moving average price is $10.97 and its 200 day moving average price is $11.90. The stock has a market cap of $381.62 million, a price-to-earnings ratio of -114.67 and a beta of 0.52. Crescent Capital BDC, Inc. has a fifty-two week low of $10.26 and a fifty-two week high of $15.92.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The company had revenue of $5.12 million during the quarter, compared to analysts' expectations of $37.12 million. Crescent Capital BDC had a positive return on equity of 9.02% and a negative net margin of 2.02%. As a group, equities research analysts predict that Crescent Capital BDC, Inc. will post 1.51 EPS for the current fiscal year.

Crescent Capital BDC Announces Dividend

The business 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 dividend of $0.34 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.36 annualized dividend and a yield of 13.1%. Crescent Capital BDC's dividend payout ratio (DPR) is -1,511.11%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Fidelity National Financial Inc. bought a new stake in Crescent Capital BDC in the 2nd quarter valued at about $45,922,000. Rivernorth Capital Management LLC bought a new position in Crescent Capital BDC during the second quarter worth about $7,675,000. Invesco Ltd. increased its stake in shares of Crescent Capital BDC by 1,504.9% in 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 in the last quarter. North Ground Capital purchased a new position in shares of Crescent Capital BDC in the second quarter worth about $5,687,136. Finally, Focus Partners Wealth bought a new stake in shares of Crescent Capital BDC in the fourth quarter valued at approximately $5,476,000. Hedge funds and other institutional investors own 49.46% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Zacks Research raised shares of Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. B. Riley Financial reduced 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 report on Wednesday, August 12th. Wells Fargo & Company reduced their price objective on shares of Crescent Capital BDC from $12.00 to $11.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods reiterated 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. Finally, LADENBURG THALM/SH SH dropped their target price 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. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Crescent Capital BDC presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.