Wells Fargo & Company Cuts Crescent Capital BDC (NASDAQ:CCAP) Price Target to $11.00

Crescent Capital BDC (NASDAQ:CCAP) had its price target decreased by Wells Fargo & Company from $12.00 to $11.00 in a report published on Wednesday, MarketBeat Ratings reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other brokerages have also recently issued reports on CCAP. Wall Street Zen cut Crescent Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Zacks Research raised Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 21st. LADENBURG THALM/SH SH cut their price target on shares of Crescent Capital BDC from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, May 15th. B. Riley Financial reaffirmed a “neutral” rating on shares of Crescent Capital BDC in a research note on Friday, May 15th. Finally, Oppenheimer cut Crescent Capital BDC from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $19.00 to $16.00 in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Crescent Capital BDC presently has an average rating of “Hold” and an average target price of $13.30.

Crescent Capital BDC Trading Down 1.6%

Shares of CCAP stock opened at $11.15 on Wednesday. The stock has a fifty day moving average of $11.15 and a two-hundred day moving average of $12.33. The firm has a market capitalization of $410.88 million, a PE ratio of -123.89 and a beta of 0.52. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.53 and a current ratio of 1.30. Crescent Capital BDC has a 1 year low of $10.64 and a 1 year high of $16.03.

Crescent Capital BDC (NASDAQ:CCAP) 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). Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. The company had revenue of $5.12 million for the quarter, compared to analyst estimates of $37.12 million. As a group, research analysts expect that Crescent Capital BDC will post 1.51 EPS for the current year.

Crescent Capital BDC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.36 annualized dividend and a yield of 12.2%. Crescent Capital BDC’s payout ratio is currently -1,511.11%.

Insiders Place Their Bets

In related news, President Henry Chung purchased 4,500 shares of the stock in a transaction on Thursday, May 21st. The shares were purchased at an average cost of $11.45 per share, for a total transaction of $51,525.00. Following the completion of the transaction, the president directly owned 20,722 shares of the company’s stock, valued at approximately $237,266.90. The trade was a 27.74% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jason Breaux purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average cost of $11.19 per share, with a total value of $55,950.00. Following the completion of the acquisition, the chief executive officer directly owned 52,636 shares in the company, valued at $588,996.84. The trade was a 10.50% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.23% of the company’s stock.

Institutional Investors Weigh In On Crescent Capital BDC

A number of hedge funds have recently added to or reduced their stakes in CCAP. Ieq Capital LLC boosted its position in Crescent Capital BDC by 3.0% in the 4th quarter. Ieq Capital LLC now owns 25,470 shares of the company’s stock valued at $358,000 after buying an additional 746 shares during the last quarter. Mariner LLC grew its stake in shares of Crescent Capital BDC by 0.3% during the fourth quarter. Mariner LLC now owns 451,774 shares of the company’s stock worth $6,369,000 after purchasing an additional 1,492 shares during the period. Northwestern Mutual Wealth Management Co. bought a new stake in Crescent Capital BDC in the fourth quarter valued at about $27,000. LMG Wealth Partners LLC raised its position in shares of Crescent Capital BDC by 17.8% in the 1st quarter. LMG Wealth Partners LLC now owns 13,548 shares of the company’s stock valued at $165,000 after acquiring an additional 2,048 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in Crescent Capital BDC by 20.2% in the fourth quarter. NewEdge Advisors LLC now owns 12,279 shares of the company’s stock worth $173,000 after purchasing an additional 2,066 shares during the period. Institutional investors own 49.46% of the company’s stock.

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.