Concurrent Investment Advisors LLC Buys 36,785 Shares of Main Street Capital Corporation $MAIN

Key Points

• Concurrent Investment Advisors increased its Main Street Capital stake by 294.4% in the second quarter, buying 36,785 shares for a total holding of 49,281 shares valued at approximately $2.56 million. Institutional investors collectively own 20.31% of the company.
• Analyst sentiment remains mixed: Main Street Capital has an average “Hold” rating and an average price target of $60.83, while recent targets range from $55 to $58 and Weiss Ratings upgraded the stock to “Buy.”
• Main Street Capital reported quarterly EPS of $0.97, slightly exceeding estimates, and announced a monthly dividend of $0.265 per share, representing an annualized yield of about 5.6%.

Concurrent Investment Advisors LLC grew its stake in shares of Main Street Capital Corporation (NYSE:MAIN - Free Report) by 294.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,281 shares of the financial services provider's stock after purchasing an additional 36,785 shares during the period. Concurrent Investment Advisors LLC owned approximately 0.05% of Main Street Capital worth $2,557,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB purchased a new stake in Main Street Capital in the second quarter worth about $28,000. Smartleaf Asset Management LLC grew its holdings in shares of 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 acquiring an additional 250 shares during the period. Sankala Group LLC purchased a new position in shares of Main Street Capital during the 4th quarter worth approximately $29,000. Gilpin Wealth Management LLC purchased a new position in shares of Main Street Capital during the 4th quarter worth approximately $31,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Main Street Capital by 181.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 565 shares of the financial services provider's stock worth $34,000 after acquiring an additional 364 shares in the last quarter. 20.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Weiss Ratings upgraded Main Street Capital from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, September 3rd. Truist Financial upped their price target on Main Street Capital from $53.00 to $57.00 and gave the stock a "hold" rating in a research note on Monday, August 10th. Wells Fargo & Company increased their price objective 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. Zacks Research raised Main Street Capital from a "strong sell" rating to a "hold" rating in a research report on Monday, July 20th. Finally, Royal Bank Of Canada dropped their target price on shares of Main Street Capital from $66.00 to $58.00 and set an "outperform" rating on the stock in a report on Thursday, May 14th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Main Street Capital presently has an average rating of "Hold" and an average price target of $60.83.

Main Street Capital Price Performance

Shares of NYSE MAIN opened at $56.72 on Wednesday. The company has a 50 day simple moving average of $55.92 and a two-hundred day simple moving average of $54.43. Main Street Capital Corporation has a fifty-two week low of $48.95 and a fifty-two week high of $67.34. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 11.43 and a beta of 0.72. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.05 and a current ratio of 0.05.

Main Street Capital (NYSE:MAIN - Get Free Report) last issued 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 firm had revenue of $327.56 million for 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%. 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. Shareholders of record on Tuesday, December 8th will be issued a $0.265 dividend. This represents a c) annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend is Tuesday, December 8th. Main Street Capital's payout ratio is 64.11%.

Insider Buying and Selling at Main Street Capital

In related news, CAO Ryan Mchugh purchased 2,550 shares of the stock in a transaction dated Thursday, August 13th. The stock was purchased at an average price of $59.05 per share, with a total value of $150,577.50. Following the transaction, the chief accounting officer directly owned 22,647 shares in the company, valued at $1,337,305.35. This trade represents a 12.69% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jason B. Beauvais sold 6,830 shares of Main Street Capital stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $51.73, for a total value of $353,315.90. Following the completion of the transaction, the executive vice president directly owned 196,185 shares of the company's stock, valued at approximately $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. Insiders own 3.83% of the company's stock.

Main Street Capital Company 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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