Bank of New York Mellon Corp Acquires 8,886 Shares of Main Street Capital Corporation (NYSE:MAIN)

Key Points

• Bank of New York Mellon Corp increased its stake in Main Street Capital Corporation by 30.3%, acquiring an additional 8,886 shares during the first quarter, bringing its total holdings to 38,202 shares valued at $2.16 million.
• Main Street Capital recently declared a dividend of $0.255 per share, representing a yield of 5.18%, with an increased payout ratio of 51.95%.
• Despite a slight stock decline of 1.1%, Main Street Capital reported earnings of $1.01 EPS for the last quarter, exceeding analyst expectations by $0.01.

Bank of New York Mellon Corp raised its holdings in shares of Main Street Capital Corporation (NYSE:MAIN - Free Report) by 30.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,202 shares of the financial services provider's stock after purchasing an additional 8,886 shares during the period. Bank of New York Mellon Corp's holdings in Main Street Capital were worth $2,161,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Main Street Capital by 50.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,261 shares of the financial services provider's stock valued at $468,000 after purchasing an additional 2,756 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Main Street Capital by 10.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 242,857 shares of the financial services provider's stock valued at $13,736,000 after purchasing an additional 22,340 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Main Street Capital by 270.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 9,301 shares of the financial services provider's stock valued at $545,000 after purchasing an additional 6,793 shares during the last quarter. Segment Wealth Management LLC boosted its stake in Main Street Capital by 134.3% during the 1st quarter. Segment Wealth Management LLC now owns 117,994 shares of the financial services provider's stock valued at $6,674,000 after purchasing an additional 67,626 shares during the last quarter. Finally, Inscription Capital LLC purchased a new position in shares of Main Street Capital in the 1st quarter worth $656,000. Institutional investors own 20.31% of the company's stock.

Main Street Capital Trading Down 0.8%

Shares of NYSE:MAIN traded down $0.54 during trading hours on Friday, hitting $64.16. 244,909 shares of the company's stock traded hands, compared to its average volume of 548,492. Main Street Capital Corporation has a 1 year low of $45.00 and a 1 year high of $66.39. The business has a fifty day moving average price of $60.19 and a 200-day moving average price of $58.13. The firm has a market capitalization of $5.71 billion, a P/E ratio of 10.89 and a beta of 0.82. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.10 and a quick ratio of 0.10.

Main Street Capital (NYSE:MAIN - Get Free Report) last announced its earnings results on Thursday, May 8th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.01. Main Street Capital had a return on equity of 13.02% and a net margin of 94.61%. The business had revenue of $137.05 million during the quarter, compared to analyst estimates of $137.50 million. Equities analysts expect that Main Street Capital Corporation will post 4.11 earnings per share for the current year.

Main Street Capital Announces Dividend

The company also recently declared a dividend, which will be paid on Friday, August 15th. Investors of record on Monday, August 11th will be issued a $0.255 dividend. The ex-dividend date is Friday, August 8th. This represents a dividend yield of 473.0%. Main Street Capital's payout ratio is presently 51.95%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Oppenheimer reissued a "market perform" rating on shares of Main Street Capital in a report on Tuesday, May 13th. UBS Group reaffirmed a "neutral" rating and issued a $58.00 target price (up from $56.00) on shares of Main Street Capital in a report on Wednesday, July 16th. Wall Street Zen cut Main Street Capital from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Truist Financial reduced their target price on Main Street Capital from $62.00 to $54.00 and set a "hold" rating on the stock in a report on Monday, May 12th. Finally, B. Riley raised Main Street Capital to a "hold" rating in a report on Monday, June 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, Main Street Capital has a consensus rating of "Hold" and an average price target of $53.60.

Insider Activity

In related news, EVP Jason B. Beauvais sold 13,664 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $59.37, for a total value of $811,231.68. Following the completion of the sale, the executive vice president owned 181,526 shares in the company, valued at approximately $10,777,198.62. The trade was a 7.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.00% of the company's stock.

About Main Street Capital

Main Street Capital Corporation is a business development company specializes in equity capital to lower middle market companies. The firm specializing in recapitalizations, management buyouts, refinancing, family estate planning, management buyouts, refinancing, industry consolidation, mature, later stage emerging growth.