Crescent Capital BDC (NASDAQ:CCAP) Trading Down 3.7% – Here’s Why

Crescent Capital BDC, Inc. (NASDAQ:CCAP) fell 3.7% during mid-day trading on Wednesday . The stock traded as low as $14.02 and last traded at $14.0250. 76,337 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 195,978 shares. The stock had previously closed at $14.56.

Analyst Ratings Changes

A number of analysts have commented on CCAP shares. Oppenheimer reduced their target price on Crescent Capital BDC from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, November 14th. Wells Fargo & Company dropped their target price on Crescent Capital BDC from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Friday, November 14th. Keefe, Bruyette & Woods reduced their price objective on Crescent Capital BDC from $17.00 to $15.50 and set an “outperform” rating for the company in a research note on Friday, November 14th. Zacks Research upgraded shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. Finally, Wall Street Zen cut Crescent Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Crescent Capital BDC currently has a consensus rating of “Moderate Buy” and an average price target of $16.38.

Crescent Capital BDC Trading Down 3.4%

The company has a market cap of $520.49 million, a PE ratio of 14.33 and a beta of 0.55. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.23. The stock’s 50 day moving average is $14.32 and its 200-day moving average is $14.58.

Crescent Capital BDC (NASDAQ:CCAP) last released its quarterly earnings results on Wednesday, November 12th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.01). The company had revenue of $41.35 million for the quarter, compared to analysts’ expectations of $42.35 million. Crescent Capital BDC had a net margin of 20.84% and a return on equity of 9.76%. As a group, sell-side analysts anticipate that Crescent Capital BDC, Inc. will post 2.09 EPS for the current year.

Crescent Capital BDC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a $0.42 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.68 annualized dividend and a yield of 11.9%. Crescent Capital BDC’s dividend payout ratio (DPR) is presently 171.43%.

Institutional Investors Weigh In On Crescent Capital BDC

Several hedge funds and other institutional investors have recently modified their holdings of the business. Catalyst Capital Advisors LLC purchased a new position in Crescent Capital BDC during the 2nd quarter valued at $69,000. VPR Management LLC lifted its position in shares of Crescent Capital BDC by 150.0% during the third quarter. VPR Management LLC now owns 5,000 shares of the company’s stock worth $71,000 after purchasing an additional 3,000 shares during the last quarter. Westbourne Investments Inc. purchased a new stake in shares of Crescent Capital BDC during the third quarter valued at $141,000. Permanens Capital L.P. purchased a new stake in shares of Crescent Capital BDC during the third quarter valued at $147,000. Finally, XTX Topco Ltd bought a new position in shares of Crescent Capital BDC in the second quarter worth about $165,000. 49.46% of the stock is currently owned by hedge funds and other institutional investors.

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.