Bank of America Corp DE Sells 91,957 Shares of Main Street Capital Co. (NYSE:MAIN)

Bank of America Corp DE lowered its stake in shares of Main Street Capital Co. (NYSE:MAIN - Free Report) by 49.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,817 shares of the financial services provider's stock after selling 91,957 shares during the period. Bank of America Corp DE owned 0.11% of Main Street Capital worth $5,613,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MAIN. Raymond James Financial Inc. purchased a new stake in shares of Main Street Capital during the fourth quarter worth $10,460,000. Invesco Ltd. lifted its position in shares of Main Street Capital by 470.4% during the fourth quarter. Invesco Ltd. now owns 139,166 shares of the financial services provider's stock worth $8,152,000 after acquiring an additional 114,768 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of Main Street Capital during the fourth quarter worth $6,059,000. Morgan Dempsey Capital Management LLC purchased a new stake in shares of Main Street Capital during the fourth quarter worth $6,007,000. Finally, Van ECK Associates Corp lifted its position in shares of Main Street Capital by 7.8% during the fourth quarter. Van ECK Associates Corp now owns 1,288,309 shares of the financial services provider's stock worth $75,469,000 after acquiring an additional 92,833 shares in the last quarter. Hedge funds and other institutional investors own 20.31% of the company's stock.

Insider Buying and Selling at Main Street Capital

In other news, CEO Dwayne L. Hyzak sold 120,000 shares of the firm's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $58.05, for a total transaction of $6,966,000.00. Following the transaction, the chief executive officer now directly owns 402,371 shares of the company's stock, valued at approximately $23,357,636.55. This trade represents a 22.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David L. Magdol sold 100,000 shares of the firm's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $58.05, for a total value of $5,805,000.00. Following the transaction, the insider now directly owns 377,182 shares in the company, valued at $21,895,415.10. This trade represents a 20.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.00% of the company's stock.

Wall Street Analysts Forecast Growth

MAIN has been the topic of several recent research reports. UBS Group dropped their target price on Main Street Capital from $55.00 to $54.00 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Oppenheimer reiterated a "market perform" rating on shares of Main Street Capital in a research report on Tuesday, May 13th. Finally, Truist Financial lowered their price objective on Main Street Capital from $62.00 to $54.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $52.80.

Main Street Capital Price Performance

Shares of MAIN stock traded down $0.36 on Thursday, reaching $56.69. The company's stock had a trading volume of 333,116 shares, compared to its average volume of 465,153. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.13. Main Street Capital Co. has a 12-month low of $45.00 and a 12-month high of $63.32. The company has a market capitalization of $5.05 billion, a P/E ratio of 10.27 and a beta of 0.86. The stock's 50 day simple moving average is $54.25 and its 200-day simple moving average is $56.61.

Main Street Capital (NYSE:MAIN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.01. Main Street Capital had a return on equity of 13.83% and a net margin of 89.25%. The business had revenue of $137.05 million for the quarter, compared to the consensus estimate of $137.50 million. As a group, equities analysts predict that Main Street Capital Co. will post 4.11 earnings per share for the current fiscal year.

Main Street Capital Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a dividend of $0.255 per share. This is an increase from Main Street Capital's previous monthly dividend of $0.25. The ex-dividend date is Monday, September 8th. This represents a $3.06 dividend on an annualized basis and a yield of 5.40%. Main Street Capital's dividend payout ratio (DPR) is presently 50.93%.

Main Street Capital 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.