CoreCap Advisors LLC Reduces Stake in Main Street Capital Corporation $MAIN

Key Points

• CoreCap Advisors cut its Main Street Capital stake by 98.2% in the second quarter, selling 85,352 shares and retaining 1,583 shares valued at approximately $82,000. Institutional investors own 20.31% of the company.
• Main Street Capital reported quarterly EPS of $0.97, slightly above the $0.96 consensus estimate, while revenue reached $327.56 million. The company declared a monthly dividend of $0.265 per share, representing a 5.4% annualized yield.
• Analyst sentiment remains mixed but leans neutral, with four Buy ratings and six Holds; MarketBeat lists a consensus “Hold” rating and a $60.83 price target.

CoreCap Advisors LLC lowered its position in Main Street Capital Corporation (NYSE:MAIN - Free Report) by 98.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,583 shares of the financial services provider's stock after selling 85,352 shares during the period. CoreCap Advisors LLC's holdings in Main Street Capital were worth $82,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Garner Asset Management Corp bought a new position in Main Street Capital in the fourth quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB bought a new stake in shares of Main Street Capital during the 2nd quarter valued at about $28,000. Smartleaf Asset Management LLC grew its stake 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 valued at $28,000 after purchasing an additional 250 shares during the period. Sankala Group LLC purchased a new stake in shares of Main Street Capital during the 4th quarter valued at about $29,000. Finally, Gilpin Wealth Management LLC purchased a new stake in shares of Main Street Capital during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 20.31% of the company's stock.

Main Street Capital Trading Down 0.8%

Shares of MAIN opened at $58.57 on Thursday. The firm has a market cap of $5.48 billion, a P/E ratio of 11.81 and a beta of 0.71. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.06 and a quick ratio of 0.06. Main Street Capital Corporation has a 1 year low of $48.95 and a 1 year high of $67.77. The company has a 50 day simple moving average of $53.23 and a two-hundred day simple moving average of $54.92.

Main Street Capital (NYSE:MAIN - Get Free Report) last released its earnings results on Thursday, August 6th. The financial services provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The firm had revenue of $327.56 million for the quarter, compared to the consensus estimate of $144.59 million. Main Street Capital had a net margin of 78.49% and a return on equity of 11.95%. On average, equities analysts expect that Main Street Capital Corporation will post 3.78 earnings per share for the current fiscal year.

Main Street Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 8th will be paid a $0.265 dividend. The ex-dividend date is Tuesday, December 8th. This represents a c) annualized dividend and a yield of 5.4%. Main Street Capital's payout ratio is presently 64.11%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MAIN. Truist Financial raised their price objective on shares of Main Street Capital from $53.00 to $57.00 and gave the stock a "hold" rating in a report on Monday. Citigroup reaffirmed a "market outperform" rating on shares of Main Street Capital in a report on Monday. Citizens Jmp decreased their price target on shares of Main Street Capital from $74.00 to $70.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 22nd. Royal Bank Of Canada decreased their price target on shares of Main Street Capital from $66.00 to $58.00 and set an "outperform" rating on the stock in a research report on Thursday, May 14th. Finally, Zacks Research upgraded shares of Main Street Capital from a "strong sell" rating to a "hold" rating in a research note on Monday, July 20th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Main Street Capital currently has a consensus rating of "Hold" and a consensus price target of $60.83.

Insider Buying and Selling

In other Main Street Capital news, EVP Jason B. Beauvais sold 6,830 shares of the 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 completion of the transaction, the executive vice president owned 196,185 shares of the company's stock, valued at $10,148,650.05. This represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.83% of the stock is currently owned by insiders.

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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