NewEdge Wealth LLC Buys Shares of 14,584 Main Street Capital Corporation $MAIN

NewEdge Wealth LLC purchased a new position in Main Street Capital Corporation (NYSE:MAIN) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 14,584 shares of the financial services provider’s stock, valued at approximately $757,000.

Other institutional investors also recently modified their holdings of the company. Garner Asset Management Corp acquired a new stake in Main Street Capital in the fourth quarter worth $28,000. MassMutual Private Wealth & Trust FSB bought a new position in shares of Main Street Capital during the 2nd quarter valued at about $28,000. Smartleaf Asset Management LLC increased its stake in Main Street Capital by 109.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 478 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Sankala Group LLC acquired a new stake in Main Street Capital during the 4th quarter worth approximately $29,000. Finally, Gilpin Wealth Management LLC bought a new position in Main Street Capital in the fourth quarter valued at approximately $31,000. 20.31% of the stock is currently owned by institutional investors and hedge funds.

Main Street Capital Stock Down 0.1%

NYSE:MAIN opened at $58.33 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.05 and a quick ratio of 0.05. Main Street Capital Corporation has a one year low of $48.95 and a one year high of $67.34. The firm’s 50 day simple moving average is $54.16 and its 200 day simple moving average is $54.70. The company has a market cap of $5.45 billion, a PE ratio of 11.76 and a beta of 0.71.

Main Street Capital (NYSE:MAIN) last released its quarterly earnings results on Thursday, August 6th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. Main Street Capital had a net margin of 78.49% and a return on equity of 11.80%. The firm had revenue of $327.56 million during the quarter, compared to the consensus estimate of $144.59 million. On average, research analysts anticipate that Main Street Capital Corporation will post 3.77 earnings per share for the current year.

Main Street Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 8th will be issued a dividend of $0.265 per share. The ex-dividend date of this dividend is Tuesday, December 8th. This represents a c) annualized dividend and a yield of 5.5%. Main Street Capital’s payout ratio is presently 64.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MAIN shares. Wells Fargo & Company upped their target price on shares of Main Street Capital from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Royal Bank Of Canada decreased their price target on shares of Main Street Capital from $66.00 to $58.00 and set an “outperform” rating for the company in a research note on Thursday, May 14th. Citigroup restated a “market outperform” rating on shares of Main Street Capital in a report on Monday, August 10th. Truist Financial boosted their price target on shares of Main Street Capital from $53.00 to $57.00 and gave the stock a “hold” rating in a research report on Monday, August 10th. Finally, Weiss Ratings cut Main Street Capital from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, August 13th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Main Street Capital currently has a consensus rating of “Hold” and an average price target of $60.83.

Insider Transactions at Main Street Capital

In related news, CAO Ryan Mchugh purchased 2,550 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was bought at an average price of $59.05 per share, with a total value of $150,577.50. Following the completion of the purchase, the chief accounting officer owned 22,647 shares in the company, valued at approximately $1,337,305.35. This represents a 12.69% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jason B. Beauvais sold 6,830 shares of the 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 sale, the executive vice president directly owned 196,185 shares of the company’s stock, valued at $10,148,650.05. This represents a 3.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 3.83% of the company’s stock.

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.