Crescent Capital BDC (NASDAQ:CCAP) Hits New 1-Year High After Dividend Announcement

Shares of Crescent Capital BDC, Inc. (NASDAQ:CCAP) reached a new 52-week high on Monday following a dividend announcement from the company. The stock traded as high as $19.66 and last traded at $19.65, with a volume of 70531 shares changing hands. The stock had previously closed at $19.47.

The newly announced dividend which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.42 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.68 annualized dividend and a dividend yield of 8.52%. This is a positive change from Crescent Capital BDC’s previous quarterly dividend of $0.07. Crescent Capital BDC’s payout ratio is presently 65.88%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Bank of America lowered their target price on Crescent Capital BDC from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. Keefe, Bruyette & Woods increased their price objective on shares of Crescent Capital BDC from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Wells Fargo & Company cut their target price on shares of Crescent Capital BDC from $19.00 to $18.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 14th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Crescent Capital BDC in a research report on Monday, September 30th. They issued a “buy” rating and a $20.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Crescent Capital BDC Trading Up 0.3 %

The stock has a market capitalization of $730.86 million, a PE ratio of 7.73 and a beta of 0.82. The stock’s 50 day moving average price is $18.70 and its 200-day moving average price is $18.62. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.14.

Hedge Funds Weigh In On Crescent Capital BDC

Several large investors have recently made changes to their positions in CCAP. Janney Montgomery Scott LLC lifted its holdings in shares of Crescent Capital BDC by 174.1% in the third quarter. Janney Montgomery Scott LLC now owns 47,264 shares of the company’s stock worth $874,000 after buying an additional 30,018 shares in the last quarter. Sun Life Financial Inc. lifted its stake in Crescent Capital BDC by 20.7% in the 3rd quarter. Sun Life Financial Inc. now owns 2,226,308 shares of the company’s stock worth $41,187,000 after purchasing an additional 382,542 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Crescent Capital BDC during the 3rd quarter valued at about $1,899,000. Deerfield Management Company L.P. Series C bought a new position in shares of Crescent Capital BDC during the 2nd quarter valued at about $1,021,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in shares of Crescent Capital BDC by 182.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 49,482 shares of the company’s stock worth $929,000 after purchasing an additional 31,952 shares during the last quarter. 49.46% of the stock is currently 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.