Crescent Capital BDC (NASDAQ:CCAP) Raised to Hold at Zacks Research

Crescent Capital BDC (NASDAQ:CCAP) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other analysts also recently issued reports on the company. Oppenheimer downgraded Crescent Capital BDC from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $19.00 to $16.00 in a report on Friday, May 15th. LADENBURG THALM/SH SH decreased their target price on shares of Crescent Capital BDC from $16.00 to $15.00 and set a “buy” rating for the company in a report on Friday, May 15th. B. Riley Financial reissued a “neutral” rating on shares of Crescent Capital BDC in a research report on Friday, May 15th. Keefe, Bruyette & Woods cut their price target on shares of Crescent Capital BDC from $15.00 to $13.00 and set an “outperform” rating on the stock in a report on Tuesday, June 16th. Finally, Wells Fargo & Company reduced their price target on shares of Crescent Capital BDC from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Friday, May 15th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $13.90.

Crescent Capital BDC Stock Performance

CCAP opened at $11.06 on Tuesday. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.35. The firm has a market cap of $407.56 million, a PE ratio of 26.98 and a beta of 0.52. The business has a fifty day simple moving average of $11.21 and a 200-day simple moving average of $12.70. Crescent Capital BDC has a fifty-two week low of $10.77 and a fifty-two week high of $16.03.

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

Insider Transactions at Crescent Capital BDC

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

Institutional Investors Weigh In On Crescent Capital BDC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Crescent Capital BDC during the 4th quarter valued at $27,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Crescent Capital BDC during the fourth quarter worth $35,000. VPR Management LLC raised its holdings in shares of Crescent Capital BDC by 150.0% during the third quarter. VPR Management LLC now owns 5,000 shares of the company’s stock worth $71,000 after acquiring an additional 3,000 shares in the last quarter. Beaumont Financial Advisors LLC acquired a new stake in Crescent Capital BDC during the first quarter valued at $127,000. Finally, Permanens Capital L.P. acquired a new stake in Crescent Capital BDC during the third quarter valued at $147,000. 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.