Crescent Capital BDC (NASDAQ:CCAP) Earns Neutral Rating from Bank of America

Crescent Capital BDC (NASDAQ:CCAP)‘s stock had its “neutral” rating reissued by equities research analysts at Bank of America in a note issued to investors on Thursday, Benzinga reports. They currently have a $10.25 target price on the stock, down from their prior target price of $13.00. Bank of America‘s price objective indicates a potential upside of 0.20% from the stock’s previous close.

A number of other analysts also recently issued reports on CCAP. Wells Fargo & Company cut their price target on shares of Crescent Capital BDC from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Wednesday, August 12th. Zacks Research raised Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $12.00 target price (down from $13.00) on shares of Crescent Capital BDC in a research report on Monday, August 17th. LADENBURG THALM/SH SH decreased their price objective on shares of Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Finally, Oppenheimer lowered Crescent Capital BDC from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $19.00 to $16.00 in a research note on Friday, May 15th. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $12.62.

Crescent Capital BDC Price Performance

Crescent Capital BDC stock opened at $10.23 on Thursday. Crescent Capital BDC has a 52-week low of $10.16 and a 52-week high of $15.86. The firm has a market capitalization of $376.98 million, a price-to-earnings ratio of -113.67 and a beta of 0.52. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.41. The company has a fifty day simple moving average of $10.94 and a 200-day simple moving average of $11.86.

Crescent Capital BDC (NASDAQ:CCAP) last released its earnings results on Monday, August 10th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). Crescent Capital BDC had a positive return on equity of 9.02% and a negative net margin of 2.02%.The business had revenue of $5.12 million during the quarter, compared to analysts’ expectations of $37.12 million. On average, equities analysts anticipate that Crescent Capital BDC will post 1.51 EPS for the current fiscal year.

Insider Transactions at Crescent Capital BDC

In other Crescent Capital BDC news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $10.23, for a total value of $1,422,522.42. Following the transaction, the insider directly owned 3,680,307 shares in the company, valued at $37,649,540.61. This represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 451,543 shares of company stock valued at $4,689,738 over the last three months. Corporate insiders own 1.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CCAP. Fidelity National Financial Inc. purchased a new stake in Crescent Capital BDC in the second quarter valued at approximately $45,922,000. North Ground Capital raised its position in Crescent Capital BDC by 99.8% in the fourth quarter. North Ground Capital now owns 835,312 shares of the company’s stock worth $11,736,000 after acquiring an additional 417,312 shares in the last quarter. Rivernorth Capital Management LLC acquired a new position in shares of Crescent Capital BDC during the 2nd quarter worth $7,675,000. Invesco Ltd. grew its position in Crescent Capital BDC by 1,504.9% during the fourth quarter. Invesco Ltd. now owns 659,696 shares of the company’s stock worth $9,269,000 after buying an additional 618,590 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of Crescent Capital BDC by 7.0% during the 3rd quarter. Franklin Resources Inc. now owns 540,460 shares of the company’s stock valued at $7,707,000 after acquiring an additional 35,534 shares during the period. 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.