Insider Selling: Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder Sells $288,267.00 in Stock

Key Points

• Major shareholder Guaranty Life Insurance Fidelity sold 27,195 CCAP shares for $288,267 at an average price of $10.60, reducing its stake by 0.66% while retaining 4.07 million shares. The sale was made under a pre-arranged Rule 10b5-1 plan.
• Crescent Capital BDC shares fell 0.6% to $10.54 and are near their one-year low of $10.50. The company recently missed quarterly earnings estimates, reporting $0.36 per share versus the expected $0.37.
• The company declared a quarterly dividend of $0.34, equivalent to $1.36 annually and a 12.9% yield. Analysts largely rate the stock “Hold,” with an average price target of $13.10.

Crescent Capital BDC, Inc. (NASDAQ:CCAP - Get Free Report) major shareholder & Guaranty Life Insur Fidelity sold 27,195 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $10.60, for a total value of $288,267.00. Following the transaction, the insider directly owned 4,072,564 shares in the company, valued at $43,169,178.40. This trade represents a 0.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 sales and purchases with the SEC.

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

• 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 0.6%

Shares of NASDAQ CCAP traded down $0.06 during trading hours on Friday, hitting $10.54. The company had a trading volume of 150,256 shares, compared to its average volume of 223,095. Crescent Capital BDC, Inc. has a 1-year low of $10.50 and a 1-year high of $16.03. 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 is $11.06 and its 200-day moving average is $12.08. The stock has a market capitalization of $388.40 million, a P/E ratio of -117.11 and a beta of 0.52.

Crescent Capital BDC (NASDAQ:CCAP - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $5.12 million for the quarter, compared to analyst estimates of $37.12 million. On average, analysts expect that Crescent Capital BDC, Inc. will post 1.51 earnings per share for the current fiscal year.

Crescent Capital BDC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given 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 of this dividend is Wednesday, September 30th. Crescent Capital BDC's dividend payout ratio (DPR) is -1,511.11%.

Analyst Ratings Changes

CCAP has been the topic of a number of research analyst reports. Zacks Research raised shares of Crescent Capital BDC from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 21st. B. Riley Financial reduced their price target on Crescent Capital BDC from $13.50 to $12.50 and set a "neutral" rating for the company in a report on Wednesday, August 12th. Oppenheimer lowered Crescent Capital BDC from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $19.00 to $16.00 in a research note on Friday, May 15th. LADENBURG THALM/SH SH cut their price objective on Crescent Capital BDC from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, August 12th. Finally, Wells Fargo & Company cut their price objective 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. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $13.10.

Hedge Funds Weigh In On Crescent Capital BDC

Several large investors have recently modified their holdings of the stock. Fidelity National Financial Inc. bought a new stake in shares of Crescent Capital BDC during the 2nd quarter worth about $45,922,000. Closed End Fund Advisors Inc. bought a new position in Crescent Capital BDC in the 4th quarter valued at about $3,166,000. North Ground Capital bought a new position in Crescent Capital BDC in the 2nd quarter valued at about $5,687,136. Alpine Global Management LLC raised its holdings 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 acquiring an additional 181,756 shares during the period. Finally, Beverly Hills Private Wealth LLC acquired a new stake in Crescent Capital BDC during the second quarter worth approximately $908,000. 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.

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