Crescent Capital BDC (NASDAQ:CCAP) Sees Strong Trading Volume - Here's What Happened

Shares of Crescent Capital BDC, Inc. (NASDAQ:CCAP) experienced a notable increase in trading volume on Thursday, with around 167,409 shares exchanging hands. This marked a significant rise of 90% compared to the previous day's volume of 88,297 shares. The stock was last seen trading at $19.15, down from its prior closing price of $20.00.

Analyst Ratings Changes

Recently, several equities analysts have weighed in on CCAP's performance. Wells Fargo & Company raised their price target for Crescent Capital BDC from $18.00 to $19.00, maintaining an "equal weight" rating in their research report dated January 29th. Meanwhile, Keefe, Bruyette & Woods also increased their price target from $19.00 to $20.00, assigning an "outperform" rating in their note issued on November 25th. Presently, one analyst has rated the stock as a hold, while five others have given it a buy rating. According to MarketBeat.com, Crescent Capital BDC holds an average rating of "Moderate Buy" with a consensus target price of $19.33.

Crescent Capital BDC Trading Down 4.2%

The company's stock has seen a trading decline of 4.2% recently. Currently, it possesses a 50-day simple moving average of $19.48 and a 200-day simple moving average of $18.86. Crescent Capital BDC also reports a debt-to-equity ratio of 1.14, alongside a quick ratio and current ratio both standing at 1.26. With a market capitalization of $709.81 million, the stock carries a price-to-earnings (P/E) ratio of 7.50 and a beta value of 0.81.

The latest quarterly earnings results from Crescent Capital BDC were shared on February 19th, revealing an earnings per share (EPS) of $0.55, which was slightly below the consensus estimate of $0.56 by $0.01. The company reported a return on equity of 12.20% and managed a net margin of 47.06%. Revenue for the quarter stood at $46.40 million, below analyst projections of $47.27 million. Analysts project that Crescent Capital BDC will post a total EPS of 2.43 for the current fiscal year.

Crescent Capital BDC Increases Dividend

Additionally, the firm recently declared a quarterly dividend which was paid out on January 15th. Shareholders on record as of December 31st received a dividend of $0.42 per share, translating to an annualized dividend of $1.68, resulting in a dividend yield of 8.77%. This marks a significant increase from the previous dividend payout of $0.07 per share. The ex-dividend date was set for December 31st. Presently, Crescent Capital BDC maintains a dividend payout ratio of 65.88%.

Hedge Funds Weigh In On Crescent Capital BDC

In recent months, various large investors have adjusted their positions in the stock. Montag A & Associates Inc. established a new position in Crescent Capital BDC during the fourth quarter, valued at approximately $35,000. Similarly, C M Bidwell & Associates Ltd. and Aquatic Capital Management LLC acquired new positions valued at $39,000 and $129,000, respectively. Generation Capital Management LLC and Dynamic Technology Lab Private Ltd also entered new positions worth approximately $192,000 and $218,000. Overall, institutional investors and hedge funds currently own about 49.46% of the stock.

About Crescent Capital BDC

Crescent Capital BDC, Inc. operates as a business development company, focusing mainly on private equity and loan fund investments. The firm specializes in direct investments and primarily targets the middle market in the United States.

Crescent, Volume, Investors