Bank of America Corp DE Makes New Investment in Main Street Capital Corporation $MAIN

Key Points

• Bank of America acquired 117,462 shares of Main Street Capital in the second quarter, valued at approximately $6.1 million, giving it a 0.13% stake. Institutional investors now own 20.31% of the company.
• Analyst sentiment remains mixed: four analysts rate MAIN a Buy and six rate it a Hold, resulting in a consensus Hold rating and an average price target of $60.83.
• Main Street Capital reported quarterly EPS of $0.97, slightly above estimates, and announced a monthly dividend of $0.265 per share, representing a 5.8% annualized yield.

Bank of America Corp DE bought a new stake in shares of Main Street Capital Corporation (NYSE:MAIN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 117,462 shares of the financial services provider's stock, valued at approximately $6,094,000. Bank of America Corp DE owned approximately 0.13% of Main Street Capital at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MAIN. Legal & General Group Plc acquired a new stake in shares of Main Street Capital in the second quarter worth about $43,323,000. The Manufacturers Life Insurance Company acquired a new position in shares of Main Street Capital during the 2nd quarter valued at about $1,501,000. Dearborn Partners LLC acquired a new position in shares of Main Street Capital during the 2nd quarter valued at about $1,527,000. D.B. Root & Company LLC bought a new position in shares of Main Street Capital in the 2nd quarter valued at approximately $602,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Main Street Capital in the 2nd quarter valued at approximately $906,000. 20.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MAIN shares. Wells Fargo & Company boosted their target price on Main Street Capital from $50.00 to $55.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Weiss Ratings upgraded Main Street Capital from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, September 3rd. Truist Financial lifted their price target on shares of Main Street Capital from $53.00 to $57.00 and gave the company a "hold" rating in a research report on Monday, August 10th. Citigroup restated a "market outperform" rating on shares of Main Street Capital in a research note on Monday, August 10th. Finally, Zacks Research raised shares of Main Street Capital from a "strong sell" rating to a "hold" rating in a report on Monday, July 20th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $60.83.

Main Street Capital Price Performance

NYSE MAIN opened at $55.05 on Monday. Main Street Capital Corporation has a twelve month low of $48.95 and a twelve month high of $65.23. 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 stock has a market capitalization of $5.15 billion, a PE ratio of 11.10 and a beta of 0.72. The stock has a 50-day simple moving average of $56.75 and a 200 day simple moving average of $54.27.

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

Main Street Capital Announces Dividend

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 paid a dividend of $0.2650 per share. This represents a $3.18 annualized dividend and a yield of 5.8%. The ex-dividend date is Tuesday, December 8th. Main Street Capital's dividend payout ratio is presently 64.11%.

Insiders Place Their Bets

In related news, CAO Ryan Mchugh acquired 2,550 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were bought at an average price of $59.05 per share, for a total transaction of $150,577.50. Following the acquisition, the chief accounting officer owned 22,647 shares in the company, valued at $1,337,305.35. This trade represents a 12.69% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason B. Beauvais sold 6,830 shares of the company's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $51.73, for a total transaction 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 represents a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.83% of the stock is owned by corporate insiders.

Main Street Capital Profile

Main Street Capital Corporation is a business development company that provides customized debt and equity financing to privately owned businesses. The company focuses primarily on lower middle market companies that may require growth capital, acquisition financing, recapitalization funding or other forms of strategic financing.

Main Street's investment offerings include first-lien, second-lien and unitranche debt investments, as well as equity investments and warrants. It also provides senior secured private loans to larger middle market companies through its middle market investment strategy.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.