Independent Financial Group LLC Buys New Position in Main Street Capital Corporation $MAIN

Independent Financial Group LLC purchased a new position in Main Street Capital Corporation (NYSE:MAIN) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 14,560 shares of the financial services provider’s stock, valued at approximately $771,000.

A number of other large investors also recently modified their holdings of MAIN. Price T Rowe Associates Inc. MD boosted its position in shares of Main Street Capital by 6.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,734,461 shares of the financial services provider’s stock valued at $165,135,000 after acquiring an additional 162,580 shares during the period. Corient Private Wealth LLC increased its position in Main Street Capital by 3,880.8% during the fourth quarter. Corient Private Wealth LLC now owns 890,461 shares of the financial services provider’s stock worth $53,774,000 after acquiring an additional 868,092 shares during the period. UBS Group AG increased its position in Main Street Capital by 160.7% during the third quarter. UBS Group AG now owns 866,884 shares of the financial services provider’s stock worth $55,125,000 after acquiring an additional 534,374 shares during the period. Legal & General Group Plc raised its stake in Main Street Capital by 15.2% during the 4th quarter. Legal & General Group Plc now owns 719,967 shares of the financial services provider’s stock valued at $43,479,000 after purchasing an additional 95,177 shares during the last quarter. Finally, Adell Harriman & Carpenter Inc. raised its stake in Main Street Capital by 1.3% during the 1st quarter. Adell Harriman & Carpenter Inc. now owns 484,584 shares of the financial services provider’s stock valued at $25,664,000 after purchasing an additional 6,149 shares during the last quarter. 20.31% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Jason B. Beauvais sold 6,830 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $51.73, for a total value of $353,315.90. Following the completion of the transaction, the executive vice president owned 196,185 shares of the company’s stock, valued at $10,148,650.05. This represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.83% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on MAIN shares. Truist Financial decreased their price target on shares of Main Street Capital from $60.00 to $53.00 and set a “hold” rating on the stock in a research report on Tuesday, May 19th. Wall Street Zen lowered shares of Main Street Capital from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Citizens Jmp reduced their target price on shares of Main Street Capital from $74.00 to $70.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Wells Fargo & Company assumed coverage on Main Street Capital in a research report on Friday, May 22nd. They set an “equal weight” rating and a $50.00 target price on the stock. Finally, Weiss Ratings lowered Main Street Capital from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, May 22nd. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Main Street Capital presently has an average rating of “Hold” and an average price target of $59.33.

Main Street Capital Stock Down 0.8%

Shares of MAIN stock opened at $54.17 on Wednesday. Main Street Capital Corporation has a one year low of $48.95 and a one year high of $67.77. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.06 and a quick ratio of 0.06. The stock has a fifty day moving average price of $51.63 and a 200 day moving average price of $55.65. The stock has a market cap of $5.04 billion, a P/E ratio of 11.40 and a beta of 0.72.

Main Street Capital (NYSE:MAIN) last announced its quarterly earnings results on Thursday, May 7th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.11). Main Street Capital had a net margin of 74.86% and a return on equity of 12.01%. The business had revenue of $73.44 million during the quarter, compared to the consensus estimate of $145.23 million. Analysts predict that Main Street Capital Corporation will post 3.79 earnings per share for the current year.

Main Street Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a c) dividend on an annualized basis and a yield of 5.9%. Main Street Capital’s payout ratio is presently 66.95%.

Main Street Capital Profile

Main Street Capital Corporation (NYSE: MAIN) is a publicly traded business development company that provides flexible debt and equity capital to lower middle market companies in the United States. Headquartered in Houston, Texas, Main Street Capital was formed in 2007 and operates under the Investment Company Act of 1940. The firm’s management services are provided by Main Street Capital Management, L.P., which focuses on identifying growing private companies with enterprise values typically between $10 million and $150 million.

Main Street Capital’s primary offerings include first-lien senior secured loans, second-lien loans, subordinated debt, and equity co-investments or minority equity positions.