HighTower Advisors LLC Trims Stock Holdings in Main Street Capital Corporation $MAIN

Key Points

• HighTower Advisors LLC reduced its stake in Main Street Capital Corporation by 3.9%, selling 4,105 shares, and now holds 100,611 shares valued at approximately $5.69 million.
• Several institutional investors, including Spire Wealth Management and GAMMA Investing LLC, have made new investments in Main Street Capital, with 20.31% of the stock owned by institutional investors and hedge funds.
• Main Street Capital plans to pay a monthly dividend of $0.255 on December 15th, representing an annualized dividend yield of 4.7% based on its recent share price.

HighTower Advisors LLC decreased its position in Main Street Capital Corporation (NYSE:MAIN - Free Report) by 3.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,611 shares of the financial services provider's stock after selling 4,105 shares during the quarter. HighTower Advisors LLC owned 0.11% of Main Street Capital worth $5,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MAIN. Spire Wealth Management bought a new stake in Main Street Capital in the 1st quarter worth approximately $40,000. Wellington Shields & Co. LLC bought a new stake in Main Street Capital in the 1st quarter worth approximately $41,000. Kapitalo Investimentos Ltda bought a new stake in Main Street Capital in the 4th quarter worth approximately $45,000. NBC Securities Inc. bought a new stake in Main Street Capital in the 1st quarter worth approximately $54,000. Finally, GAMMA Investing LLC lifted its position in Main Street Capital by 5,557.9% in the first quarter. GAMMA Investing LLC now owns 1,075 shares of the financial services provider's stock valued at $61,000 after purchasing an additional 1,056 shares during the last quarter. Institutional investors own 20.31% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MAIN. Wall Street Zen upgraded Main Street Capital from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. UBS Group reiterated a "neutral" rating and issued a $58.00 price objective (up previously from $56.00) on shares of Main Street Capital in a research report on Wednesday, July 16th. Oppenheimer reiterated a "market perform" rating on shares of Main Street Capital in a research report on Tuesday, May 13th. B. Riley boosted their price objective on Main Street Capital from $60.00 to $64.00 and gave the company a "neutral" rating in a research report on Monday, August 18th. Finally, Truist Financial boosted their price objective on Main Street Capital from $54.00 to $64.00 and gave the company a "hold" rating in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $59.75.

Insider Buying and Selling

In related news, Director Nicholas Meserve sold 14,000 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $67.15, for a total transaction of $940,100.00. Following the completion of the transaction, the director owned 82,383 shares in the company, valued at $5,532,018.45. This represents a 14.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jason B. Beauvais sold 13,664 shares of the company's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $59.37, for a total value of $811,231.68. Following the transaction, the executive vice president owned 181,526 shares of the company's stock, valued at approximately $10,777,198.62. This represents a 7.00% decrease in their position. The disclosure for this sale can be found here. 4.09% of the stock is owned by corporate insiders.

Main Street Capital Trading Down 1.6%

Shares of Main Street Capital stock traded down $1.07 during midday trading on Monday, reaching $64.02. 655,468 shares of the company's stock traded hands, compared to its average volume of 509,995. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.09 and a current ratio of 0.09. The company has a market cap of $5.73 billion, a PE ratio of 10.55 and a beta of 0.85. The stock has a 50 day moving average of $62.99 and a 200-day moving average of $58.63. Main Street Capital Corporation has a 12 month low of $47.00 and a 12 month high of $67.77.

Main Street Capital (NYSE:MAIN - Get Free Report) last announced its earnings results on Thursday, August 7th. The financial services provider reported $0.99 EPS for the quarter, meeting analysts' consensus estimates of $0.99. The company had revenue of $143.97 million during the quarter, compared to the consensus estimate of $137.23 million. Main Street Capital had a return on equity of 12.70% and a net margin of 96.16%. As a group, equities analysts expect that Main Street Capital Corporation will post 4.11 EPS for the current fiscal year.

Main Street Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be issued a dividend of $0.255 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Monday, December 8th. Main Street Capital's dividend payout ratio is currently 50.41%.

Main Street Capital Company Profile

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.