Insider Selling: Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder Sells 11,285 Shares of Stock

Key Points

• Major shareholder Guaranty Life Insurance Fidelity sold 11,285 CCAP shares at an average price of $10.50, reducing its ownership by 0.28% to about 4.01 million shares. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, following several other sales totaling more than 159,000 shares.
• Crescent Capital BDC shares traded at $10.40, near the company’s 12-month low of $10.26. The company’s latest quarterly earnings of $0.36 per share missed estimates, while revenue of $5.12 million was well below analysts’ $37.12 million forecast.
• The company declared a quarterly dividend of $0.34, equivalent to an annualized $1.36 payout and a 13.1% 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 11,285 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $10.50, for a total transaction of $118,492.50. Following the completion of the transaction, the insider directly owned 4,006,279 shares of the company's stock, valued at approximately $42,065,929.50. This represents a 0.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major 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 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 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 transaction 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 transaction 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 transaction 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 0.0%

NASDAQ:CCAP traded down $0.00 during trading hours on Thursday, hitting $10.40. 116,080 shares of the stock were exchanged, compared to its average volume of 223,559. The company has a market capitalization of $383.20 million, a P/E ratio of -115.54 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's 50 day moving average is $11.01 and its two-hundred day moving average is $11.98. Crescent Capital BDC, Inc. has a twelve month low of $10.26 and a twelve month high of $16.03.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last released its earnings results on Monday, August 10th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $5.12 million during the quarter, compared to analyst estimates of $37.12 million. Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. On average, sell-side analysts anticipate that Crescent Capital BDC, Inc. will post 1.51 earnings per share for the current fiscal year.

Crescent Capital BDC Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.34 dividend. 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 currently -1,511.11%.

Institutional Investors Weigh In On Crescent Capital BDC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CCAP. Northwestern Mutual Wealth Management Co. acquired a new position in Crescent Capital BDC in the fourth quarter valued at about $27,000. Rockefeller Capital Management L.P. bought a new stake in shares of Crescent Capital BDC in the 4th quarter valued at about $35,000. VPR Management LLC increased its stake in shares of Crescent Capital BDC by 150.0% in the 3rd quarter. VPR Management LLC now owns 5,000 shares of the company's stock valued at $71,000 after acquiring an additional 3,000 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new stake in shares of Crescent Capital BDC in the 2nd quarter valued at approximately $111,000. Finally, Beaumont Financial Advisors LLC acquired a new stake in shares of Crescent Capital BDC in the 1st quarter valued at approximately $127,000. Institutional investors own 49.46% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on CCAP shares. LADENBURG THALM/SH SH dropped their price objective 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. Wall Street Zen lowered shares of Crescent Capital BDC from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. B. Riley Financial lowered their price target 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. Zacks Research raised shares of Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company cut their price objective on shares of Crescent Capital BDC from $12.00 to $11.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 12th. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from 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.

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