Crescent Capital BDC (NASDAQ:CCAP) Announces Earnings Results, Beats Expectations By $0.02 EPS

Crescent Capital BDC (NASDAQ:CCAP) released its quarterly earnings results on Monday. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02, Zacks reports. Crescent Capital BDC had a positive return on equity of 9.02% and a negative net margin of 2.02%. The firm had revenue of $36.89 million during the quarter, compared to analysts’ expectations of $36.37 million.

Crescent Capital BDC Stock Performance

Shares of CCAP opened at $9.95 on Tuesday. Crescent Capital BDC has a 12 month low of $8.40 and a 12 month high of $15.18. The firm has a fifty day simple moving average of $9.45 and a 200 day simple moving average of $11.56. The stock has a market capitalization of $366.66 million, a price-to-earnings ratio of -110.53 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.

Crescent Capital BDC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $1.36 dividend on an annualized basis and a yield of 13.7%. Crescent Capital BDC’s dividend payout ratio is -1,511.11%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods downgraded shares of Crescent Capital BDC from an “outperform” rating to a “market perform” rating and cut their target price for the company from $13.00 to $12.00 in a research report on Monday, August 17th. Wells Fargo & Company dropped 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 research note on Wednesday, August 12th. Zacks Research raised shares of Crescent Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 21st. Wall Street Zen upgraded shares of Crescent Capital BDC from a “sell” rating to a “hold” rating in a research report on Saturday, October 10th. Finally, Raymond James Financial set a $10.00 price target on Crescent Capital BDC in a research report on Thursday, October 22nd. One research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Crescent Capital BDC currently has a consensus rating of “Hold” and a consensus target price of $12.25.

Insider Activity

In other Crescent Capital BDC news, major shareholder & Guaranty Life Insur Fidelity sold 139,054 shares of the company’s 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 sale, the insider directly owned 3,680,307 shares of the company’s stock, valued at approximately $37,649,540.61. This represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 451,543 shares of company stock valued at $4,689,738 over the last 90 days. 1.23% of the stock is currently owned by insiders.

About Crescent Capital BDC

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.