Dearborn Partners LLC Takes $1.40 Million Position in Main Street Capital Corporation $MAIN

Key Points

• Dearborn Partners LLC initiated a $1.40 million position in Main Street Capital during the second quarter by purchasing 27,018 shares. Institutional investors now own 20.31% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $60.83. Recent targets from Truist and Wells Fargo were raised to $57 and $55, respectively.
• Main Street Capital reported quarterly earnings of $0.97 per share, slightly exceeding estimates, and declared a monthly dividend of $0.265 per share, representing an annualized yield of approximately 5.4%.

Dearborn Partners LLC bought a new stake in Main Street Capital Corporation (NYSE:MAIN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 27,018 shares of the financial services provider's stock, valued at approximately $1,402,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MAIN. Brighton Jones LLC bought a new stake in Main Street Capital in the fourth quarter valued at approximately $304,000. NewEdge Advisors LLC boosted its stake in shares of Main Street Capital by 5,416.7% during the 1st quarter. NewEdge Advisors LLC now owns 1,655 shares of the financial services provider's stock worth $94,000 after acquiring an additional 1,625 shares during the period. Guggenheim Capital LLC increased its holdings in shares of Main Street Capital by 4.8% during the 2nd quarter. Guggenheim Capital LLC now owns 12,492 shares of the financial services provider's stock worth $738,000 after acquiring an additional 570 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Main Street Capital by 2.3% during the 2nd quarter. First Trust Advisors LP now owns 188,296 shares of the financial services provider's stock worth $11,128,000 after acquiring an additional 4,317 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in Main Street Capital in the 2nd quarter valued at $228,000. Institutional investors own 20.31% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Weiss Ratings cut shares of Main Street Capital from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, August 13th. Truist Financial increased their price objective 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. Wells Fargo & Company upped their price target on shares of Main Street Capital from $50.00 to $55.00 and gave the company an "equal weight" rating in a research note on Monday, August 10th. Finally, Wall Street Zen cut shares of Main Street Capital from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $60.83.

Insider Transactions at Main Street Capital

In other Main Street Capital news, EVP Jason B. Beauvais sold 6,830 shares of Main Street Capital stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $51.73, for a total value of $353,315.90. Following the completion of the sale, the executive vice president owned 196,185 shares in the company, valued at $10,148,650.05. The trade was a 3.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ryan Mchugh acquired 2,550 shares of the business's stock in a transaction on Thursday, August 13th. The stock was acquired at an average cost of $59.05 per share, with a total value of $150,577.50. Following the acquisition, the chief accounting officer directly owned 22,647 shares in the company, valued at approximately $1,337,305.35. This trade represents a 12.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.83% of the stock is currently owned by company insiders.

Main Street Capital Stock Performance

MAIN opened at $58.66 on Friday. The business has a fifty day simple moving average of $54.77 and a 200 day simple moving average of $54.57. The company has a market capitalization of $5.48 billion, a PE ratio of 11.83 and a beta of 0.71. Main Street Capital Corporation has a 1 year low of $48.95 and a 1 year high of $67.34. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.05 and a quick ratio of 0.05.

Main Street Capital (NYSE:MAIN - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The financial services provider reported $0.97 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $144.59 million. Research analysts expect that Main Street Capital Corporation will post 3.77 EPS for the current year.

Main Street Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 8th will be given a dividend of $0.265 per share. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Tuesday, December 8th. Main Street Capital's dividend payout ratio (DPR) is currently 64.11%.

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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