Crescent Capital BDC, Inc. (NASDAQ:CCAP – Free Report) shares rose in pre-market trading on Tuesday after the company reported better-than-expected quarterly results. The stock had previously closed at $17.98 but opened at $18.51. Crescent Capital BDC shares were last seen trading at $17.85 with volume of 22,570 shares changing hands.
The company reported earnings per share of $0.59 for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. The company had revenues of $48.95 million during the quarter, compared to analyst estimates of $48.05 million. Crescent Capital BDC had a net margin of 53.32% and a return on equity of 11.99%. During the same quarter last year, the company posted earnings per share of $0.56.
Crescent Capital BDC increases dividend
The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $0.42. This represents an annualized dividend of $1.68 and a dividend yield of 9.45%. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from Crescent Capital BDC’s previous quarterly dividend of $0.41. Crescent Capital BDC’s payout ratio is currently 59.79%.
Changes in analyst ratings
Several research analysts have recently issued reports on CCAP shares. Raymond James increased their price target on shares of Crescent Capital BDC from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, May 10th. Wells Fargo & Company increased their price target on shares of Crescent Capital BDC from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Crescent Capital BDC from $18.50 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, May 23rd.
Check out our latest stock analysis on CCAP
Hedge funds comment on Crescent Capital BDC
A number of hedge funds and other institutional investors have recently made changes to their holdings in the stock. XTX Topco Ltd acquired a new stake in Crescent Capital BDC during the 2nd quarter valued at about $195,000. Sun Life Financial Inc. increased its holdings in shares of Crescent Capital BDC by 8.1% during the 2nd quarter. Sun Life Financial Inc. now owns 1,843,766 shares of the company’s stock valued at $34,626,000 after acquiring an additional 137,684 shares during the period. Condor Capital Management increased its holdings in shares of Crescent Capital BDC by 12.4% during the 2nd quarter. Condor Capital Management now owns 252,121 shares of the company’s stock valued at $4,735,000 after acquiring an additional 27,801 shares during the last quarter. Van ECK Associates Corp increased its stake in Crescent Capital BDC by 136.1% in the 2nd quarter. Van ECK Associates Corp now owns 26,521 shares of the company’s stock valued at $498,000 after acquiring an additional 15,288 shares during the same period. Finally, Catalina Capital Group LLC acquired a new position in Crescent Capital BDC in the 2nd quarter valued at about $220,000. Institutional investors and hedge funds own 49.46% of the company’s stock.
Crescent Capital BDC stock performance
The company’s 50-day moving average is $18.75 and its 200-day moving average is $17.72. The company has a liquidity ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 1.11. The stock has a market cap of $658.59 million, a P/E ratio of 6.32 and a beta of 0.81.
Crescent Capital BDC Company Profile
(Get free report)
Crescent Capital BDC, Inc. is a private equity/buyout and business development credit fund. It specializes in direct investments. It specializes in the middle market. The fund seeks investments in the United States.
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