Crescent Capital BDC (NASDAQ:CCAP) Upgraded at Zacks Research

Zacks Research upgraded shares of Crescent Capital BDC (NASDAQ:CCAP) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also recently issued reports on CCAP. LADENBURG THALM/SH SH reduced 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 research report on Friday, May 15th. Wells Fargo & Company lowered their price objective on shares of Crescent Capital BDC from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Friday, May 15th. Keefe, Bruyette & Woods cut their price objective on Crescent Capital BDC from $15.00 to $13.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 16th. B. Riley Financial reiterated a “neutral” rating on shares of Crescent Capital BDC in a report on Friday, May 15th. Finally, Wall Street Zen raised Crescent Capital BDC from a “sell” rating to a “hold” rating in a research report on Saturday, July 4th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.90.

Crescent Capital BDC Stock Performance

NASDAQ:CCAP opened at $10.78 on Tuesday. The stock has a market cap of $397.24 million, a P/E ratio of 26.29 and a beta of 0.52. The firm’s fifty day simple moving average is $11.19 and its 200 day simple moving average is $12.68. Crescent Capital BDC has a twelve month low of $10.64 and a twelve month high of $16.03. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.35.

Crescent Capital BDC (NASDAQ:CCAP) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. Crescent Capital BDC had a net margin of 9.26% and a return on equity of 9.34%. The business had revenue of ($6.83) million for the quarter, compared to the consensus estimate of $39.58 million. As a group, research analysts predict that Crescent Capital BDC will post 1.38 EPS for the current year.

Crescent Capital BDC Dividend Announcement

The firm also recently declared a special dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be paid a $0.03 dividend. This represents a dividend yield of 107.0%. The ex-dividend date is Monday, November 30th. Crescent Capital BDC’s dividend payout ratio (DPR) is presently 331.71%.

Insider Transactions at Crescent Capital BDC

In other Crescent Capital BDC news, President Henry Chung bought 4,500 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was acquired at an average price of $11.45 per share, with a total value of $51,525.00. Following the completion of the purchase, the president owned 20,722 shares of the company’s stock, valued at approximately $237,266.90. This trade represents a 27.74% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jason Breaux bought 5,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were acquired at an average cost of $11.19 per share, with a total value of $55,950.00. Following the purchase, the chief executive officer directly owned 52,636 shares of the company’s stock, valued at approximately $588,996.84. This represents a 10.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 1.23% of the company’s stock.

Institutional Trading of Crescent Capital BDC

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in Crescent Capital BDC by 3.6% during the first quarter. Royal Bank of Canada now owns 61,707 shares of the company’s stock valued at $1,056,000 after buying an additional 2,128 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Crescent Capital BDC in the second quarter worth $165,000. Quantbot Technologies LP purchased a new stake in shares of Crescent Capital BDC in the second quarter worth $219,000. Invesco Ltd. grew its stake in shares of Crescent Capital BDC by 31.4% in the second quarter. Invesco Ltd. now owns 38,377 shares of the company’s stock worth $541,000 after acquiring an additional 9,180 shares during the last quarter. Finally, Jump Financial LLC bought a new position in shares of Crescent Capital BDC during the second quarter valued at $286,000. Hedge funds and other 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.