Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder Sells $51,813.74 in Stock

Key Points

• Major shareholder Guaranty Life Insurance Fidelity sold 5,011 CCAP shares for $51,813.74 under a pre-arranged Rule 10b5-1 plan, reducing its position by 0.13% to 3.96 million shares. The shareholder also reported several other sales in late August and early September.
• Crescent Capital BDC shares slipped 0.1% to $10.36, near the company’s 12-month low of $10.26. The stock is down from its 12-month high of $15.92, while analysts maintain a consensus “Hold” rating with a $13.10 price target.
• The company declared a quarterly dividend of $0.34 per share, equivalent to $1.36 annually and a 13.1% yield. Crescent reported quarterly EPS of $0.36, slightly below the $0.37 consensus estimate.

Crescent Capital BDC, Inc. (NASDAQ:CCAP - Get Free Report) major shareholder & Guaranty Life Insur Fidelity sold 5,011 shares of the business's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $10.34, for a total transaction of $51,813.74. Following the completion of the transaction, the insider owned 3,956,268 shares in the company, valued at $40,907,811.12. This represents a 0.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% 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 Friday, September 4th, & Guaranty Life Insur Fidelity sold 10,471 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.39, for a total value of $108,793.69.
• On Wednesday, September 2nd, & Guaranty Life Insur Fidelity sold 45,000 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.44, for a total value 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 value of $118,492.50.
• 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 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 Stock Down 0.1%

Shares of CCAP traded down $0.01 during trading on Tuesday, reaching $10.36. The company's stock had a trading volume of 258,266 shares, compared to its average volume of 223,706. The company has a market cap of $381.62 million, a price-to-earnings ratio of -115.07 and a beta of 0.52. 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 company has a fifty day moving average of $10.97 and a two-hundred day moving average of $11.90. Crescent Capital BDC, Inc. has a twelve month low of $10.26 and a twelve month high of $15.92.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). The company had revenue of $5.12 million during the quarter, compared to the consensus estimate of $37.12 million. Crescent Capital BDC had a positive return on equity of 9.02% and a negative net margin of 2.02%. On average, sell-side 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 issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 13.1%. The ex-dividend date of this dividend is Wednesday, September 30th. Crescent Capital BDC's dividend payout ratio (DPR) is currently -1,511.11%.

Analysts Set New Price Targets

Several brokerages have recently commented on CCAP. Oppenheimer cut shares of Crescent Capital BDC from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $19.00 to $16.00 in a research report on Friday, May 15th. Zacks Research upgraded Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 21st. Wall Street Zen downgraded Crescent Capital BDC from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Wells Fargo & Company decreased their target price on 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. Finally, LADENBURG THALM/SH SH lowered their price target on Crescent Capital BDC from $15.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $13.10.

Hedge Funds Weigh In On Crescent Capital BDC

A number of large investors have recently bought and sold shares of the business. Fidelity National Financial Inc. bought a new position in shares of Crescent Capital BDC during the second quarter valued at approximately $45,922,000. North Ground Capital lifted its holdings in shares of Crescent Capital BDC by 99.8% in 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 last quarter. Rivernorth Capital Management LLC bought a new stake in shares of Crescent Capital BDC in the 2nd quarter worth approximately $7,675,000. Invesco Ltd. boosted 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 valued at $9,269,000 after purchasing an additional 618,590 shares during the period. Finally, Franklin Resources Inc. lifted its position in Crescent Capital BDC by 7.0% in the 3rd quarter. Franklin Resources Inc. now owns 540,460 shares of the company's stock valued at $7,707,000 after purchasing an additional 35,534 shares during the last quarter. Institutional investors own 49.46% of the company's stock.

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.