Crescent Capital BDC (NASDAQ:CCAP) Stock Price Down 3.7% – Here’s What Happened

Crescent Capital BDC, Inc. (NASDAQ:CCAP)’s share price traded down 3.7% during mid-day trading on Wednesday . The company traded as low as $14.02 and last traded at $14.0250. 76,337 shares were traded 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

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

Crescent Capital BDC Trading Down 3.5%

The firm has a market cap of $519.71 million, a P/E ratio of 14.34 and a beta of 0.54. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a fifty day moving average of $14.32 and a 200-day moving average of $14.57.

Crescent Capital BDC (NASDAQ:CCAP) last issued its quarterly earnings data on Wednesday, November 12th. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.01). The company had revenue of $41.35 million for the quarter, compared to the consensus estimate of $42.35 million. Crescent Capital BDC had a return on equity of 9.76% and a net margin of 20.84%. Equities research analysts forecast that Crescent Capital BDC, Inc. will post 2.09 earnings per share 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. Investors of record on Wednesday, December 31st will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 12.0%. The ex-dividend date of this dividend is Wednesday, December 31st. Crescent Capital BDC’s dividend payout ratio (DPR) is 171.43%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Alpine Global Management LLC acquired a new position in Crescent Capital BDC during the 3rd quarter worth $3,137,000. Two Sigma Investments LP increased its holdings in shares of Crescent Capital BDC by 199.6% during the third quarter. Two Sigma Investments LP now owns 269,649 shares of the company’s stock valued at $3,845,000 after purchasing an additional 179,660 shares during the period. Bulldog Investors LLP raised its stake in shares of Crescent Capital BDC by 50.7% during the third quarter. Bulldog Investors LLP now owns 437,518 shares of the company’s stock valued at $6,239,000 after purchasing an additional 147,135 shares in the last quarter. North Ground Capital lifted its holdings in Crescent Capital BDC by 34.4% in the third quarter. North Ground Capital now owns 418,000 shares of the company’s stock worth $5,961,000 after purchasing an additional 107,000 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Crescent Capital BDC in the second quarter worth about $1,448,000. Institutional investors own 49.46% of the company’s stock.

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.