Insider Selling: Crescent Capital BDC (NASDAQ:CCAP) Major Shareholder Sells 126,436 Shares of Stock
by Michael Walen · The Markets DailyCrescent Capital BDC, Inc. (NASDAQ:CCAP – Get Free Report) major shareholder & Guaranty Life Insur Fidelity sold 126,436 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $10.33, for a total value of $1,306,083.88. Following the sale, the insider owned 3,819,361 shares of the company’s stock, valued at approximately $39,453,999.13. This represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
& Guaranty Life Insur Fidelity also recently made the following trade(s):
- On Wednesday, September 9th, & Guaranty Life Insur Fidelity sold 139,054 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.23, for a total value of $1,422,522.42.
- On Friday, September 4th, & Guaranty Life Insur Fidelity sold 10,471 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.39, for a total value of $108,793.69.
- On Thursday, September 3rd, & Guaranty Life Insur Fidelity sold 5,011 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.34, for a total value of $51,813.74.
- On Wednesday, September 2nd, & Guaranty Life Insur Fidelity sold 45,000 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.44, for a total value of $469,800.00.
- On Tuesday, September 1st, & Guaranty Life Insur Fidelity sold 11,285 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.50, for a total value of $118,492.50.
- On Monday, August 31st, & Guaranty Life Insur Fidelity sold 40,000 shares of Crescent Capital BDC stock. The stock was sold at an average price of $10.62, for a total value of $424,800.00.
- On Friday, August 28th, & Guaranty Life Insur Fidelity sold 15,000 shares of Crescent Capital BDC stock. The shares were sold at an average price of $10.60, for a total transaction of $159,000.00.
- On Thursday, August 27th, & Guaranty Life Insur Fidelity sold 27,195 shares of Crescent Capital BDC stock. The shares were 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 Stock Down 0.6%
CCAP stock traded down $0.06 during trading hours on Wednesday, hitting $10.23. The company’s stock had a trading volume of 510,129 shares, compared to its average volume of 226,861. The stock has a 50 day moving average price of $10.95 and a two-hundred day moving average price of $11.88. Crescent Capital BDC, Inc. has a 12 month low of $10.16 and a 12 month high of $15.86. The company has a market capitalization of $376.93 million, a PE 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.
Crescent Capital BDC (NASDAQ:CCAP – Get Free Report) last released its quarterly 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 negative net margin of 2.02% and a positive return on equity of 9.02%. The business had revenue of $5.12 million for the quarter, compared to the consensus estimate of $37.12 million. On average, equities research analysts expect that Crescent Capital BDC, Inc. will post 1.51 earnings per share for the current year.
Crescent Capital BDC Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 13.3%. The ex-dividend date is Wednesday, September 30th. Crescent Capital BDC’s dividend payout ratio (DPR) is -1,511.11%.
Analyst Ratings Changes
CCAP has been the subject of a number of analyst reports. Oppenheimer cut Crescent Capital BDC from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $19.00 to $16.00 in a research report on Friday, May 15th. LADENBURG THALM/SH SH cut their price objective on Crescent Capital BDC from $15.00 to $14.00 and set a “buy” rating on the stock in a research note 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. Wall Street Zen lowered Crescent Capital BDC from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $12.00 target price (down from $13.00) on shares of Crescent Capital BDC in a research report on Monday, August 17th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $13.10.
View Our Latest Stock Analysis on Crescent Capital BDC
Institutional Investors Weigh In On Crescent Capital BDC
A number of hedge funds have recently bought and sold shares of CCAP. Ieq Capital LLC grew its position in shares of Crescent Capital BDC by 3.0% in the fourth quarter. Ieq Capital LLC now owns 25,470 shares of the company’s stock valued at $358,000 after purchasing an additional 746 shares during the last quarter. Mariner LLC lifted its position in shares of Crescent Capital BDC by 0.3% during the 4th quarter. Mariner LLC now owns 451,774 shares of the company’s stock worth $6,369,000 after purchasing an additional 1,492 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Crescent Capital BDC during the 4th quarter worth about $27,000. LMG Wealth Partners LLC boosted its stake in Crescent Capital BDC by 17.8% during the 1st quarter. LMG Wealth Partners LLC now owns 13,548 shares of the company’s stock valued at $165,000 after purchasing an additional 2,048 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in Crescent Capital BDC by 20.2% during the 4th quarter. NewEdge Advisors LLC now owns 12,279 shares of the company’s stock valued at $173,000 after purchasing an additional 2,066 shares during the period. 49.46% of the stock is currently owned by institutional investors.
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.
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