Legal & General Group Plc Raises Holdings in Main Street Capital Corporation $MAIN

Key Points

• Legal & General Group Plc increased its stake in Main Street Capital by 15.2% in the fourth quarter, bringing its holdings to 719,967 shares valued at about $43.5 million.
• Analyst sentiment is mixed, with the stock carrying a consensus rating of “Hold” and a consensus price target of $59.14 after several firms lowered their targets.
• Main Street Capital missed quarterly expectations, reporting EPS of $0.93 versus $1.04 expected and revenue of $73.44 million versus $145.23 million expected, while also announcing a monthly dividend of $0.265 per share.

Legal & General Group Plc raised its holdings in shares of Main Street Capital Corporation (NYSE:MAIN - Free Report) by 15.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 719,967 shares of the financial services provider's stock after purchasing an additional 95,177 shares during the period. Legal & General Group Plc owned approximately 0.80% of Main Street Capital worth $43,479,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Prospera Financial Services Inc boosted its stake in Main Street Capital by 0.4% during the 4th quarter. Prospera Financial Services Inc now owns 48,229 shares of the financial services provider's stock valued at $2,915,000 after purchasing an additional 194 shares during the last quarter. Catalyst Funds Management Pty Ltd purchased a new stake in Main Street Capital during the 4th quarter valued at $211,000. Strategic Financial Concepts LLC boosted its stake in Main Street Capital by 65.5% during the 4th quarter. Strategic Financial Concepts LLC now owns 5,966 shares of the financial services provider's stock valued at $360,000 after purchasing an additional 2,361 shares during the last quarter. Global Retirement Partners LLC boosted its stake in Main Street Capital by 50.9% during the 4th quarter. Global Retirement Partners LLC now owns 11,281 shares of the financial services provider's stock valued at $681,000 after purchasing an additional 3,803 shares during the last quarter. Finally, Leonteq Securities AG purchased a new stake in Main Street Capital during the 4th quarter valued at $151,000. 20.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Truist Financial cut their target price on Main Street Capital from $60.00 to $53.00 and set a "hold" rating on the stock in a research note on Tuesday, May 19th. Royal Bank Of Canada dropped their price target on Main Street Capital from $66.00 to $58.00 and set an "outperform" rating on the stock in a research note on Thursday, May 14th. Wells Fargo & Company began coverage on Main Street Capital in a research note on Friday, May 22nd. They issued an "equal weight" rating and a $50.00 price target on the stock. Wall Street Zen downgraded Main Street Capital from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. Finally, Citizens Jmp dropped their price target on Main Street Capital from $74.00 to $70.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 22nd. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $59.14.

Main Street Capital Stock Performance

MAIN stock opened at $51.25 on Friday. The company has a market cap of $4.77 billion, a P/E ratio of 10.79 and a beta of 0.76. Main Street Capital Corporation has a 1 year low of $48.95 and a 1 year high of $67.77. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.06 and a quick ratio of 0.06. The stock's fifty day moving average price is $53.35 and its 200-day moving average price is $57.59.

Main Street Capital (NYSE:MAIN - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.11). The firm had revenue of $73.44 million during the quarter, compared to analysts' expectations of $145.23 million. Main Street Capital had a return on equity of 12.01% and a net margin of 74.86%. On average, equities analysts forecast that Main Street Capital Corporation will post 3.78 earnings per share for the current year.

Main Street Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th will be issued a $0.265 dividend. This represents a c) dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Tuesday, September 8th. Main Street Capital's dividend payout ratio (DPR) is currently 65.68%.

About Main Street Capital

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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