Crescent Capital BDC (NASDAQ:CCAP) Issues Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Crescent Capital BDC (NASDAQ:CCAP) announced its quarterly earnings results on Monday. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.08), FiscalAI reports. The business had revenue of $36.89 million during the quarter, compared to analyst estimates of $36.37 million. Crescent Capital BDC had a negative net margin of 2.02% and a positive return on equity of 9.02%.

Crescent Capital BDC Stock Performance

Shares of Crescent Capital BDC stock traded down $0.14 during trading on Monday, reaching $9.24. The company’s stock had a trading volume of 214,869 shares, compared to its average volume of 229,792. The company has a 50-day moving average price of $9.45 and a two-hundred day moving average price of $11.56. Crescent Capital BDC has a fifty-two week low of $8.40 and a fifty-two week high of $15.18. The firm has a market cap of $340.46 million, a PE ratio of -102.67 and a beta of 0.56. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.41.

Wall Street Analysts Forecast Growth

CCAP has been the topic of a number of research analyst reports. Zacks Research raised shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 21st. B. Riley Financial dropped their price objective on Crescent Capital BDC from $13.50 to $12.50 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Keefe, Bruyette & Woods cut Crescent Capital BDC from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $13.00 to $12.00 in a research report on Monday, August 17th. Bank of America downgraded Crescent Capital BDC from a “buy” rating to a “neutral” rating and reduced their target price for the company from $13.00 to $10.25 in a report on Thursday, September 10th. Finally, LADENBURG THALM/SH SH reduced their target price on Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Crescent Capital BDC presently has a consensus rating of “Hold” and a consensus target price of $12.25.

Insiders Place Their Bets

In related news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $1,422,522.42. Following the completion of the sale, the insider owned 3,680,307 shares in the company, valued at $37,649,540.61. This represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 451,543 shares of company stock worth $4,689,738. 1.23% of the stock is owned by corporate insiders.

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.

The company is externally managed by Crescent Cap Advisors LLC, an affiliate of Crescent Capital Group LP, an investment firm specializing in credit and alternative investments.