Crescent Capital BDC (NASDAQ:CCAP) Stock Price Target Lowered at Wells Fargo & Company

Crescent Capital BDC (NASDAQ:CCAP) had its target price lowered by analysts at Wells Fargo & Company from $11.00 to $10.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential downside of 1.33% from the stock’s previous close.

CCAP has been the topic of a number of other research reports. Keefe, Bruyette & Woods lowered Crescent Capital BDC from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $13.00 to $12.00 in a research report on Monday, August 17th. Wall Street Zen raised shares of Crescent Capital BDC from a “sell” rating to a “hold” rating in a research report on Saturday, October 10th. B. Riley Financial decreased their price objective on shares of Crescent Capital BDC from $13.50 to $12.50 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Bank of America cut shares of Crescent Capital BDC from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $13.00 to $10.25 in a research note on Thursday, September 10th. Finally, Zacks Research raised shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.11.

Crescent Capital BDC Stock Down 2.4%

Crescent Capital BDC stock opened at $10.13 on Wednesday. The business’s 50-day simple moving average is $9.44 and its two-hundred day simple moving average is $11.53. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.30 and a current ratio of 1.30. The company has a market cap of $373.47 million, a PE ratio of -1,021.00 and a beta of 0.56. Crescent Capital BDC has a fifty-two week low of $8.40 and a fifty-two week high of $15.18.

Crescent Capital BDC (NASDAQ:CCAP) last announced its quarterly earnings data on Monday, November 9th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Crescent Capital BDC had a positive return on equity of 8.66% and a negative net margin of 0.10%. The firm had revenue of $36.89 million during the quarter, compared to analysts’ expectations of $36.37 million. Equities analysts anticipate that Crescent Capital BDC will post 1.49 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of Crescent Capital BDC stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $1,422,522.42. Following the completion of the transaction, the insider directly owned 3,680,307 shares in the company, valued at approximately $37,649,540.61. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 451,543 shares of company stock worth $4,689,738 in the last three months. 1.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Crescent Capital BDC

A number of hedge funds and other institutional investors have recently made changes to their positions in CCAP. Fidelity National Financial Inc. purchased a new position in shares of Crescent Capital BDC during the 2nd quarter valued at approximately $45,922,000. Rivernorth Capital Management LLC acquired a new position in shares of Crescent Capital BDC in the 2nd quarter valued at $7,675,000. North Ground Capital purchased a new stake in Crescent Capital BDC during the second quarter worth $5,687,136. Beach Point Capital Management LP boosted its holdings in Crescent Capital BDC by 1,301.2% during the third quarter. Beach Point Capital Management LP now owns 515,892 shares of the company’s stock worth $4,736,000 after buying an additional 479,075 shares in the last quarter. Finally, Almitas Capital LLC purchased a new stake in Crescent Capital BDC during the second quarter worth $3,897,000. Institutional investors and hedge funds own 49.46% of the company’s stock.

Crescent Capital BDC Company Profile

Crescent Capital BDC, Inc. is a business development company that provides financing to middle-market companies. The company seeks to generate current income and, to a lesser extent, capital appreciation by investing in privately negotiated debt and equity securities. Its investment portfolio is focused primarily on senior secured loans, including first-lien and second-lien loans, as well as other debt investments and selected equity interests. Crescent Capital BDC generally works with established companies across a range of industries, providing capital for acquisitions, recapitalizations, refinancing, growth initiatives and other corporate purposes.