Crescent Capital BDC’s (CCAP) “Market Perform” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of Crescent Capital BDC (NASDAQ:CCAP) in a research note published on Monday morning, Marketbeat.com reports. They currently have a $12.00 price objective on the stock, down from their prior price objective of $13.00.

CCAP has been the topic of a number of other reports. LADENBURG THALM/SH SH decreased their price target on shares of Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Wells Fargo & Company cut their price objective on Crescent Capital BDC from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 12th. Oppenheimer cut Crescent Capital BDC from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $19.00 to $16.00 in a report on Friday, May 15th. Wall Street Zen downgraded Crescent Capital BDC from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, Zacks Research raised Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Crescent Capital BDC presently has an average rating of “Hold” and a consensus target price of $13.10.

Crescent Capital BDC Stock Performance

NASDAQ:CCAP opened at $10.81 on Monday. 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 fifty day moving average of $11.13 and a two-hundred day moving average of $12.24. The stock has a market capitalization of $398.35 million, a PE ratio of -120.11 and a beta of 0.52. Crescent Capital BDC has a fifty-two week low of $10.64 and a fifty-two week high of $16.03.

Crescent Capital BDC (NASDAQ:CCAP) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). The company had revenue of $5.12 million for the quarter, compared to analysts’ expectations of $37.12 million. Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%. As a group, research analysts forecast that Crescent Capital BDC will post 1.51 earnings per share for the current fiscal year.

Crescent Capital BDC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 12.6%. The ex-dividend date of this dividend is Wednesday, September 30th. Crescent Capital BDC’s dividend payout ratio (DPR) is currently -1,511.11%.

Institutional Trading of Crescent Capital BDC

Several large investors have recently bought and sold shares of CCAP. Van ECK Associates Corp grew its stake in Crescent Capital BDC by 3.7% during the 2nd quarter. Van ECK Associates Corp now owns 165,366 shares of the company’s stock valued at $1,806,000 after acquiring an additional 5,936 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new position in Crescent Capital BDC in the 2nd quarter worth approximately $111,000. Almitas Capital LLC acquired a new position in shares of Crescent Capital BDC during the 2nd quarter worth approximately $3,897,000. Bank of America Corp DE acquired a new position in shares of Crescent Capital BDC during the 2nd quarter worth approximately $1,077,000. Finally, North Ground Capital acquired a new position in shares of Crescent Capital BDC during the 2nd quarter worth approximately $5,687,136,000. Hedge funds and other 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.