NewEdge Advisors LLC Has $2.07 Million Stake in Main Street Capital Corporation $MAIN

NewEdge Advisors LLC grew its position in Main Street Capital Corporation (NYSE:MAIN) by 517.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,049 shares of the financial services provider’s stock after acquiring an additional 32,729 shares during the period. NewEdge Advisors LLC’s holdings in Main Street Capital were worth $2,068,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MAIN. Childress Capital Advisors LLC increased its holdings in Main Street Capital by 165.2% during the 4th quarter. Childress Capital Advisors LLC now owns 293,733 shares of the financial services provider’s stock valued at $17,739,000 after purchasing an additional 182,973 shares in the last quarter. Adell Harriman & Carpenter Inc. raised its position in Main Street Capital by 5.3% in the 4th quarter. Adell Harriman & Carpenter Inc. now owns 478,435 shares of the financial services provider’s stock valued at $28,893,000 after purchasing an additional 23,942 shares during the last quarter. Brighton Jones LLC acquired a new position in Main Street Capital in the fourth quarter worth $304,000. Entropy Technologies LP acquired a new position in Main Street Capital in the first quarter worth $1,964,000. Finally, Legal & General Group Plc grew its holdings in shares of Main Street Capital by 15.2% during the fourth quarter. Legal & General Group Plc now owns 719,967 shares of the financial services provider’s stock worth $43,479,000 after purchasing an additional 95,177 shares during the last quarter. 20.31% of the stock is owned by institutional investors and hedge funds.

Main Street Capital Price Performance

Main Street Capital stock opened at $54.48 on Friday. The business’s 50-day simple moving average is $52.17 and its 200 day simple moving average is $55.27. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.11. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of 11.47 and a beta of 0.72. Main Street Capital Corporation has a 12-month low of $48.95 and a 12-month high of $67.77.

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

Main Street Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 8th will be given a dividend of $0.265 per share. The ex-dividend date is Tuesday, September 8th. This represents a c) annualized dividend and a dividend yield of 5.8%. Main Street Capital’s payout ratio is currently 66.95%.

Insider Buying and Selling at Main Street Capital

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MAIN. Weiss Ratings upgraded Main Street Capital from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Wall Street Zen downgraded shares of Main Street Capital from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Zacks Research raised shares of Main Street Capital from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Wells Fargo & Company began coverage on shares of Main Street Capital in a research report on Friday, May 22nd. They issued an “equal weight” rating and a $50.00 price objective for the company. Finally, Truist Financial dropped their target price on shares of Main Street Capital from $60.00 to $53.00 and set a “hold” rating for the company in a research note on Tuesday, May 19th. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Main Street Capital currently has a consensus rating of “Hold” and a consensus price target of $59.33.

About Main Street Capital

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.