45,918 Shares in Main Street Capital Corporation $MAIN Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 45,918 shares of Main Street Capital during the second quarter, valued at approximately $2.38 million. Hedge funds and other institutional investors collectively own 20.31% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $60.83. Main Street Capital recently reported quarterly EPS of $0.97, slightly exceeding estimates.
• The company declared a monthly dividend of $0.265 per share, implying a 5.5% annualized yield and a 64.11% payout ratio. The stock opened at $57.78 and has traded between $48.95 and $67.34 over the past year.

Bank of New York Mellon Corp bought a new position in Main Street Capital Corporation (NYSE:MAIN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 45,918 shares of the financial services provider's stock, valued at approximately $2,382,000.

Several other hedge funds also recently made changes to their positions in the company. Prospera Financial Services Inc grew its stake in Main Street Capital by 0.4% in the fourth quarter. Prospera Financial Services Inc now owns 48,229 shares of the financial services provider's stock worth $2,915,000 after purchasing an additional 194 shares in the last quarter. SMH Capital Advisors Inc. boosted its holdings in shares of Main Street Capital by 1.1% in the 4th quarter. SMH Capital Advisors Inc. now owns 18,884 shares of the financial services provider's stock valued at $1,140,000 after buying an additional 206 shares during the period. Sequoia Financial Advisors LLC increased its position in Main Street Capital by 3.5% in the first quarter. Sequoia Financial Advisors LLC now owns 6,142 shares of the financial services provider's stock worth $325,000 after buying an additional 207 shares during the period. Lido Advisors LLC increased its holdings in shares of Main Street Capital by 1.7% in the 4th quarter. Lido Advisors LLC now owns 12,520 shares of the financial services provider's stock worth $794,000 after acquiring an additional 209 shares during the period. Finally, Freedom Financial Partners LLC grew its position in Main Street Capital by 4.1% in the 1st quarter. Freedom Financial Partners LLC now owns 5,577 shares of the financial services provider's stock worth $295,000 after purchasing an additional 221 shares during the last quarter. 20.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Zacks Research upgraded shares of Main Street Capital from a "strong sell" rating to a "hold" rating in a research report on Monday, July 20th. Citigroup reiterated a "market outperform" rating on shares of Main Street Capital in a research note on Monday, August 10th. Royal Bank Of Canada lowered their price objective on Main Street Capital from $66.00 to $58.00 and set an "outperform" rating on the stock in a research note on Thursday, May 14th. Wall Street Zen downgraded Main Street Capital from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Finally, Wells Fargo & Company upped their price target on Main Street Capital from $50.00 to $55.00 and gave the company an "equal weight" rating in a research report on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $60.83.

Main Street Capital Stock Up 0.2%

NYSE:MAIN opened at $57.78 on Tuesday. 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 company has a market cap of $5.40 billion, a PE ratio of 11.65 and a beta of 0.72. Main Street Capital Corporation has a 52-week low of $48.95 and a 52-week high of $67.34. The stock has a 50-day simple moving average of $55.83 and a 200 day simple moving average of $54.46.

Main Street Capital (NYSE:MAIN - Get Free Report) last announced its quarterly earnings data 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. Main Street Capital had a net margin of 78.49% and a return on equity of 11.80%. The business had revenue of $327.56 million for the quarter, compared to analyst estimates of $144.59 million. On average, sell-side analysts expect that Main Street Capital Corporation will post 3.77 EPS for the current fiscal year.

Main Street Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 8th will be given a $0.265 dividend. The ex-dividend date of this dividend is Tuesday, December 8th. This represents a c) dividend on an annualized basis and a dividend yield of 5.5%. Main Street Capital's payout ratio is currently 64.11%.

Insider Activity

In related news, CAO Ryan Mchugh bought 2,550 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average price of $59.05 per share, for a total transaction of $150,577.50. Following the completion of the acquisition, the chief accounting officer owned 22,647 shares of the company's stock, valued at approximately $1,337,305.35. The trade was a 12.69% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jason 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 value of $353,315.90. Following the transaction, the executive vice president directly owned 196,185 shares of the company's stock, valued at $10,148,650.05. This trade represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate 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.

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