Greenland Capital Management LP Takes Position in Main Street Capital Corporation $MAIN

Greenland Capital Management LP acquired a new position in Main Street Capital Corporation (NYSE:MAIN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,000 shares of the financial services provider’s stock, valued at approximately $830,000.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in Main Street Capital by 6.3% in the 4th 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 buying an additional 162,580 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of Main Street Capital by 3,880.8% during the 4th quarter. Corient Private Wealth LLC now owns 890,461 shares of the financial services provider’s stock worth $53,774,000 after buying an additional 868,092 shares during the last quarter. UBS Group AG boosted its stake in shares of Main Street Capital by 160.7% during the 3rd quarter. UBS Group AG now owns 866,884 shares of the financial services provider’s stock worth $55,125,000 after buying an additional 534,374 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Main Street Capital by 15.2% in 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 acquiring an additional 95,177 shares in the last quarter. Finally, Adell Harriman & Carpenter Inc. grew its holdings in shares of Main Street Capital by 1.3% in 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 acquiring an additional 6,149 shares in the last quarter. Institutional investors own 20.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MAIN. Truist Financial upped their target price on Main Street Capital from $53.00 to $57.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Royal Bank Of Canada reduced their price target on Main Street Capital from $66.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, May 14th. Wells Fargo & Company raised their price target on Main Street Capital from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Zacks Research upgraded Main Street Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Wall Street Zen downgraded Main Street Capital from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Three equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.83.

Insider Activity at Main Street Capital

In related news, EVP Jason B. Beauvais sold 6,830 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $51.73, for a total value of $353,315.90. Following the sale, the executive vice president owned 196,185 shares in the company, valued at approximately $10,148,650.05. This represents a 3.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ryan Mchugh purchased 2,550 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were acquired at an average cost of $59.05 per share, with a total value of $150,577.50. Following the acquisition, the chief accounting officer directly owned 22,647 shares in the company, valued at approximately $1,337,305.35. The trade was a 12.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 3.83% of the company’s stock.

Main Street Capital Stock Down 0.1%

Shares of MAIN stock opened at $58.33 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.05 and a current ratio of 0.05. The firm’s 50-day moving average is $54.16 and its 200-day moving average is $54.70. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 11.76 and a beta of 0.71. Main Street Capital Corporation has a 52-week low of $48.95 and a 52-week high of $67.34.

Main Street Capital (NYSE:MAIN) last posted its quarterly earnings results on Thursday, August 6th. The financial services provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $327.56 million during the quarter, compared to analysts’ expectations of $144.59 million. Main Street Capital had a return on equity of 11.80% and a net margin of 78.49%. Sell-side analysts predict that Main Street Capital Corporation will post 3.77 EPS for the current year.

Main Street Capital Announces Dividend

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

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.