Insider Selling: Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder Sells 15,000 Shares of Stock

Crescent Capital BDC, Inc. (NASDAQ:CCAP) major shareholder & Guaranty Life Insur Fidelity sold 15,000 shares of Crescent Capital BDC stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $10.60, for a total value of $159,000.00. Following the completion of the transaction, the insider directly owned 4,057,564 shares of the company’s stock, valued at $43,010,178.40. This represents a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

& Guaranty Life Insur Fidelity also recently made the following trade(s):

• On Monday, August 31st, & Guaranty Life Insur Fidelity sold 40,000 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.62, for a total transaction of $424,800.00.
• On Thursday, August 27th, & Guaranty Life Insur Fidelity sold 27,195 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.60, for a total transaction of $288,267.00.
• On Wednesday, August 26th, & Guaranty Life Insur Fidelity sold 32,091 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.60, for a total transaction of $340,164.60.

Crescent Capital BDC Price Performance

Shares of CCAP traded down $0.07 during mid-day trading on Tuesday, hitting $10.54. 84,068 shares of the company traded hands, compared to its average volume of 222,551. Crescent Capital BDC, Inc. has a one year low of $10.42 and a one year high of $16.03. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.41. The business has a 50-day moving average of $11.04 and a 200 day moving average of $12.03. The stock has a market capitalization of $388.58 million, a price-to-earnings ratio of -117.17 and a beta of 0.52.

Crescent Capital BDC (NASDAQ:CCAP) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $5.12 million during the quarter, compared to the consensus estimate of $37.12 million. As a group, equities analysts expect that Crescent Capital BDC, Inc. will post 1.51 earnings per share for the current fiscal year.

Crescent Capital BDC Announces Dividend

The company 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 dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 12.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Crescent Capital BDC’s dividend payout ratio is -1,511.11%.

Institutional Trading of Crescent Capital BDC

A number of large investors have recently made changes to their positions in the company. Fidelity National Financial Inc. acquired a new stake in Crescent Capital BDC during the 2nd quarter worth $45,922,000. North Ground Capital lifted its holdings in Crescent Capital BDC by 99.8% during 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 Crescent Capital BDC in the second quarter valued at about $7,675,000. Invesco Ltd. grew its stake in Crescent Capital BDC by 1,504.9% in the fourth quarter. Invesco Ltd. now owns 659,696 shares of the company’s stock valued at $9,269,000 after acquiring an additional 618,590 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Crescent Capital BDC by 7.0% during the third quarter. Franklin Resources Inc. now owns 540,460 shares of the company’s stock worth $7,707,000 after purchasing an additional 35,534 shares during the period. Institutional investors own 49.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Oppenheimer lowered shares of Crescent Capital BDC from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $19.00 to $16.00 in a report on Friday, May 15th. Wells Fargo & Company reduced their price target on Crescent Capital BDC from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 12th. LADENBURG THALM/SH SH decreased their price objective on Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. B. Riley Financial dropped their price objective on Crescent Capital BDC from $13.50 to $12.50 and set a “neutral” rating for the company in a report on Wednesday, August 12th. 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 analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Crescent Capital BDC presently has an average rating of “Hold” and an average price target of $13.10.

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.