Crescent Capital BDC (NASDAQ:CCAP) Sees Strong Trading Volume After Dividend Announcement

Crescent Capital BDC, Inc. (NASDAQ:CCAP) saw unusually-strong trading volume on Monday after the company announced a dividend. Approximately 40,414 shares changed hands during mid-day trading, a decline of 71% from the previous session’s volume of 141,219 shares.The stock last traded at $18.75 and had previously closed at $18.78.

The newly announced dividend which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, June 28th. This is an increase from Crescent Capital BDC’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a yield of 8.68%. Crescent Capital BDC’s dividend payout ratio is 59.79%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CCAP shares. Wells Fargo & Company upped their price objective on shares of Crescent Capital BDC from $16.50 to $18.00 and gave the stock an “equal weight” rating in a research report on Monday, May 13th. Keefe, Bruyette & Woods lifted their price target on Crescent Capital BDC from $18.50 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. Finally, Raymond James increased their price target on Crescent Capital BDC from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th.

Crescent Capital BDC Stock Performance

The stock has a 50-day moving average of $18.19 and a 200 day moving average of $17.38. The stock has a market cap of $717.11 million, a PE ratio of 6.89 and a beta of 0.81. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 1.11.

Crescent Capital BDC (NASDAQ:CCAP) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.59 by $0.04. Crescent Capital BDC had a return on equity of 11.99% and a net margin of 53.32%. The business had revenue of $50.36 million for the quarter, compared to analyst estimates of $48.31 million. Equities analysts predict that Crescent Capital BDC, Inc. will post 2.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Crescent Capital BDC

Institutional investors have recently bought and sold shares of the company. Confluence Investment Management LLC increased its holdings in shares of Crescent Capital BDC by 3.0% during the 2nd quarter. Confluence Investment Management LLC now owns 71,623 shares of the company’s stock worth $1,345,000 after buying an additional 2,108 shares during the last quarter. Alpine Global Management LLC acquired a new stake in Crescent Capital BDC during the first quarter worth $217,000. Condor Capital Management increased its stake in Crescent Capital BDC by 9.9% during the first quarter. Condor Capital Management now owns 224,320 shares of the company’s stock worth $3,872,000 after acquiring an additional 20,236 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Crescent Capital BDC by 46.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 70,766 shares of the company’s stock valued at $1,221,000 after purchasing an additional 22,281 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of Crescent Capital BDC in the 1st quarter valued at $303,000. 49.46% of the stock is owned by hedge funds and other institutional investors.

About Crescent Capital BDC

Crescent Capital BDC, Inc is as a business development company private equity / buyouts and loan fund. It specializes in directly investing. It specializes in middle market. The fund seeks to invest in United States.