& Guaranty Life Insur Fidelity Sells 45,000 Shares of Crescent Capital BDC (NASDAQ:CCAP) Stock

Key Points

• Major shareholder Fidelity sold 45,000 CCAP shares at an average price of $10.44, worth $469,800, reducing its position by 1.12% to 3.96 million shares. The sale was conducted under a pre-arranged Rule 10b5-1 plan and followed several additional sales in late August and early September.
• Crescent Capital BDC shares traded at $10.40, near their 52-week low of $10.26. The company recently missed quarterly earnings expectations, reporting $0.36 in EPS versus the $0.37 consensus estimate, while analysts maintain an overall “Hold” rating with a $13.10 average price target.
• The company declared a quarterly dividend of $0.34 per share, equivalent to $1.36 annually and a 13.1% yield, payable October 15 to shareholders of record as of September 30.

Crescent Capital BDC, Inc. (NASDAQ:CCAP - Get Free Report) major shareholder & Guaranty Life Insur Fidelity sold 45,000 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $10.44, for a total transaction of $469,800.00. Following the completion of the transaction, the insider directly owned 3,961,279 shares of the company's stock, valued at approximately $41,355,752.76. This represents a 1.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 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 Tuesday, September 1st, & Guaranty Life Insur Fidelity sold 11,285 shares of Crescent Capital BDC stock. The shares were 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 value 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 Trading Down 0.0%

Shares of Crescent Capital BDC stock traded down $0.00 during trading hours on Thursday, reaching $10.40. 116,080 shares of the company's stock were exchanged, compared to its average volume of 223,559. Crescent Capital BDC, Inc. has a 52-week low of $10.26 and a 52-week high of $16.03. The company has a fifty day moving average of $11.01 and a 200-day moving average of $11.98. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $383.20 million, a price-to-earnings ratio of -115.39 and a beta of 0.52.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $5.12 million during the quarter, compared to analysts' expectations of $37.12 million. Sell-side analysts forecast that Crescent Capital BDC, Inc. will post 1.51 EPS for the current fiscal year.

Crescent Capital BDC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 13.1%. Crescent Capital BDC's dividend payout ratio is currently -1,511.11%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports 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 cut their price target on shares of Crescent Capital BDC from $13.50 to $12.50 and set a "neutral" rating on the stock in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $12.00 target price (down from $13.00) on shares of Crescent Capital BDC in a report on Monday, August 17th. Wall Street Zen downgraded Crescent Capital BDC from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. Finally, Oppenheimer lowered Crescent Capital BDC from an "outperform" rating to a "market perform" rating and reduced their price objective for the company from $19.00 to $16.00 in a research note on Friday, May 15th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $13.10.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CCAP. Fidelity National Financial Inc. purchased a new stake in shares of Crescent Capital BDC during the 2nd quarter valued at about $45,922,000. Rivernorth Capital Management LLC acquired a new stake in Crescent Capital BDC during the second quarter valued at approximately $7,675,000. Invesco Ltd. lifted its stake in 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 acquired a new position in shares of Crescent Capital BDC in the 2nd quarter valued at about $5,687,136. Finally, Focus Partners Wealth acquired a new position in Crescent Capital BDC in the fourth quarter valued at approximately $5,476,000. Institutional investors and hedge funds 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.

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