Harbour Investments Inc. Buys 6,507 Shares of Main Street Capital Corporation (NYSE:MAIN)

Key Points

• Harbour Investments Inc. significantly increased its stake in Main Street Capital Corporation by 185.3%, holding 10,019 shares valued at $567,000 as of the latest reporting period.
• Several institutional investors also raised their positions, including Mirae Asset Global Investments, which grew its ownership by 50.1% during the same quarter.
• Main Street Capital recently declared a dividend of $0.255 per share, with an upcoming payment date of August 15th, reflecting a substantial dividend yield of 473.0%.

Harbour Investments Inc. lifted its stake in Main Street Capital Corporation (NYSE:MAIN - Free Report) by 185.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,019 shares of the financial services provider's stock after purchasing an additional 6,507 shares during the quarter. Harbour Investments Inc.'s holdings in Main Street Capital were worth $567,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Spire Wealth Management purchased a new position in Main Street Capital in the 1st quarter valued at about $40,000. Wellington Shields & Co. LLC acquired a new position in Main Street Capital during the 1st quarter valued at about $41,000. Kapitalo Investimentos Ltda bought a new stake in Main Street Capital during the fourth quarter worth approximately $45,000. Colonial Trust Advisors acquired a new stake in shares of Main Street Capital during the fourth quarter valued at approximately $46,000. Finally, NBC Securities Inc. purchased a new position in shares of Main Street Capital during the 1st quarter valued at $54,000. 20.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MAIN. B. Riley upgraded Main Street Capital to a "hold" rating in a research report on Monday, June 16th. Truist Financial lowered their price objective on shares of Main Street Capital from $62.00 to $54.00 and set a "hold" rating on the stock in a report on Monday, May 12th. UBS Group reaffirmed a "neutral" rating and set a $58.00 price objective (up from $56.00) on shares of Main Street Capital in a research report on Wednesday, July 16th. Wall Street Zen raised shares of Main Street Capital from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Finally, Oppenheimer reissued a "market perform" rating on shares of Main Street Capital in a research report on Tuesday, May 13th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Main Street Capital presently has a consensus rating of "Hold" and an average target price of $53.60.

Main Street Capital Trading Up 3.4%

Main Street Capital stock traded up $2.14 during trading on Friday, reaching $65.42. 490,030 shares of the company were exchanged, compared to its average volume of 550,424. Main Street Capital Corporation has a 52-week low of $47.00 and a 52-week high of $66.39. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.10 and a quick ratio of 0.10. The company has a market capitalization of $5.82 billion, a P/E ratio of 11.11 and a beta of 0.85. The stock's 50 day simple moving average is $60.95 and its two-hundred day simple moving average is $58.28.

Main Street Capital (NYSE:MAIN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The financial services provider reported $0.99 EPS for the quarter, meeting the consensus estimate of $0.99. Main Street Capital had a return on equity of 13.02% and a net margin of 94.61%. The business had revenue of $143.97 million during the quarter, compared to analysts' expectations of $137.23 million. On average, equities research analysts expect that Main Street Capital Corporation will post 4.11 earnings per share for the current fiscal year.

Main Street Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be given a dividend of $0.255 per share. The ex-dividend date is Monday, December 8th. This represents a c) annualized dividend and a dividend yield of 4.7%. Main Street Capital's payout ratio is currently 51.95%.

Insider Activity

In other Main Street Capital news, EVP Jason B. Beauvais sold 13,664 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $59.37, for a total transaction of $811,231.68. Following the sale, the executive vice president directly owned 181,526 shares of the company's stock, valued at $10,777,198.62. The trade was a 7.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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.