Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder Sells $159,000.00 in Stock

Key Points

• Major shareholder Guaranty Life Insur Fidelity sold 15,000 CCAP shares at an average price of $10.60, totaling $159,000. The transaction was made under a pre-arranged Rule 10b5-1 plan, leaving the shareholder with 4.06 million shares.
• CCAP shares traded at $10.54, near the company’s 12-month low of $10.42 and below both its 50-day and 200-day moving averages. The company recently reported quarterly EPS of $0.36, slightly below expectations.
• Crescent Capital BDC declared a quarterly dividend of $0.34 per share, equivalent to a 12.9% annualized yield. Analysts maintain a consensus “Hold” rating with a target price of $13.10.

Crescent Capital BDC, Inc. (NASDAQ:CCAP - Get Free Report) major shareholder & Guaranty Life Insur Fidelity sold 15,000 shares of the firm's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $10.60, for a total transaction of $159,000.00. Following the completion of the transaction, the insider owned 4,057,564 shares in the company, valued at $43,010,178.40. The trade was a 0.37% 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. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

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

• On Monday, August 31st, & Guaranty Life Insur Fidelity sold 40,000 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.62, for a total value of $424,800.00.
• 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 transaction of $340,164.60.

Crescent Capital BDC Stock Performance

NASDAQ:CCAP traded down $0.07 during trading hours on Tuesday, hitting $10.54. 84,068 shares of the company traded hands, compared to its average volume of 222,551. The stock has a market capitalization of $388.58 million, a price-to-earnings ratio of -117.17 and a beta of 0.52. Crescent Capital BDC, Inc. has a twelve month low of $10.42 and a twelve month high of $16.03. The firm has a 50-day moving average of $11.04 and a 200 day moving average of $12.03. The company has a current ratio of 1.30, a quick 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 (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. On average, analysts forecast that Crescent Capital BDC, Inc. will post 1.51 EPS for the current year.

Crescent Capital BDC Announces Dividend

The company 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 $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 12.9%. The ex-dividend date is Wednesday, September 30th. Crescent Capital BDC's dividend payout ratio is presently -1,511.11%.

Wall Street Analyst Weigh In

CCAP has been the subject of a number of recent research reports. Wall Street Zen cut shares of Crescent Capital BDC from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued 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 shares of Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. LADENBURG THALM/SH SH cut their price target on shares of 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, Oppenheimer lowered Crescent Capital BDC from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from $19.00 to $16.00 in a research note on Friday, May 15th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Crescent Capital BDC has a consensus rating of "Hold" and a consensus target price of $13.10.

Institutional Trading of Crescent Capital BDC

Several large investors have recently added to or reduced their stakes in CCAP. Fidelity National Financial Inc. acquired a new position in shares of Crescent Capital BDC in the 2nd quarter worth approximately $45,922,000. Closed End Fund Advisors Inc. acquired a new stake in Crescent Capital BDC during the 4th quarter valued at $3,166,000. North Ground Capital bought a new position in Crescent Capital BDC in the 2nd quarter valued at $5,687,136. Alpine Global Management LLC raised its position in Crescent Capital BDC by 82.6% in the 4th quarter. Alpine Global Management LLC now owns 401,756 shares of the company's stock valued at $5,645,000 after purchasing an additional 181,756 shares during the last quarter. Finally, Rivernorth Capital Management LLC acquired a new position in Crescent Capital BDC in the second quarter worth $7,675,000. 49.46% of the stock is owned by institutional investors.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source