Legal & General Group Plc Makes New $43.32 Million Investment in Main Street Capital Corporation $MAIN

Key Points

• Legal & General Group Plc acquired 835,057 shares of Main Street Capital in the second quarter, worth approximately $43.3 million and representing a 0.89% stake. Institutional investors collectively own 20.31% of the company.
• Analysts maintain a generally cautious outlook, with three Buy ratings and seven Hold ratings. Main Street Capital has an average rating of Hold and an average price target of $60.83.
• Main Street Capital exceeded quarterly earnings expectations, reporting $0.97 per share versus the $0.96 consensus estimate, and announced a monthly dividend of $0.265 per share, implying a 5.4% annualized yield.

Legal & General Group Plc bought a new stake in Main Street Capital Corporation (NYSE:MAIN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 835,057 shares of the financial services provider's stock, valued at approximately $43,323,000. Legal & General Group Plc owned 0.89% of Main Street Capital as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Garner Asset Management Corp bought a new stake in shares of Main Street Capital in the 4th quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB acquired a new position in Main Street Capital during the 2nd quarter valued at approximately $28,000. Smartleaf Asset Management LLC grew its stake in 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 buying an additional 250 shares during the last quarter. Sankala Group LLC bought a new position in Main Street Capital during the 4th quarter worth $29,000. Finally, Gilpin Wealth Management LLC bought a new stake in Main Street Capital in the fourth quarter valued at $31,000. 20.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MAIN shares. Zacks Research raised shares of Main Street Capital from a "strong sell" rating to a "hold" rating in a report on Monday, July 20th. Weiss Ratings cut shares of Main Street Capital from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, August 13th. Royal Bank Of Canada cut their price objective 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. Wells Fargo & Company boosted their target price 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, Truist Financial upped their target price on shares of Main Street Capital from $53.00 to $57.00 and gave the stock a "hold" rating in a research report on Monday, August 10th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Main Street Capital has an average rating of "Hold" and an average target price of $60.83.

Insider Buying and Selling at Main Street Capital

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

Main Street Capital Stock Down 0.0%

NYSE MAIN opened at $58.58 on Friday. Main Street Capital Corporation has a 12 month low of $48.95 and a 12 month high of $67.34. The company has a market capitalization of $5.48 billion, a P/E ratio of 11.81 and a beta of 0.71. The company's 50 day simple moving average is $54.92 and its 200 day simple moving average is $54.60. 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 issued its earnings results on Thursday, August 6th. The financial services provider reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. The firm had revenue of $327.56 million during the quarter, compared to analysts' expectations of $144.59 million. Main Street Capital had a net margin of 78.49% and a return on equity of 11.80%. Equities research analysts expect that Main Street Capital Corporation will post 3.77 earnings per share for the current fiscal year.

Main Street Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, December 15th. Stockholders 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 dividend yield of 5.4%. The ex-dividend date is Tuesday, December 8th. Main Street Capital's dividend payout ratio is 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.

Want to see what other hedge funds are holding MAIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Main Street Capital Corporation (NYSE:MAIN - Free Report).

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