Raymond James Financial Inc. Lowers Stock Position in Main Street Capital Corporation $MAIN

Key Points

• Raymond James Financial Inc. has reduced its stake in Main Street Capital Corporation by 6.0%, now holding approximately 167,913 shares worth $9,497,000.
• Several other institutional investors, including Invesco Ltd. and Victory Capital Management Inc., have increased or established their positions in Main Street Capital during the 1st quarter.
• Main Street Capital recently announced a monthly dividend of $0.255 per share, representing an annualized yield of 4.6%.

Raymond James Financial Inc. lessened its holdings in Main Street Capital Corporation (NYSE:MAIN - Free Report) by 6.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,913 shares of the financial services provider's stock after selling 10,642 shares during the quarter. Raymond James Financial Inc. owned 0.19% of Main Street Capital worth $9,497,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Nations Financial Group Inc. IA ADV boosted its holdings in Main Street Capital by 2.4% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 9,520 shares of the financial services provider's stock valued at $538,000 after purchasing an additional 221 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Main Street Capital by 0.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 58,955 shares of the financial services provider's stock valued at $3,454,000 after purchasing an additional 229 shares in the last quarter. Uncommon Cents Investing LLC boosted its holdings in Main Street Capital by 1.4% in the 1st quarter. Uncommon Cents Investing LLC now owns 16,206 shares of the financial services provider's stock valued at $917,000 after purchasing an additional 231 shares in the last quarter. Sigma Planning Corp boosted its holdings in Main Street Capital by 0.5% in the 1st quarter. Sigma Planning Corp now owns 44,942 shares of the financial services provider's stock valued at $2,542,000 after purchasing an additional 236 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Main Street Capital by 9.4% during the 1st quarter. US Bancorp DE now owns 2,822 shares of the financial services provider's stock valued at $160,000 after acquiring an additional 243 shares during the period. Hedge funds and other institutional investors own 20.31% of the company's stock.

Insider Buying and Selling at Main Street Capital

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 stock was sold at an average price of $59.37, for a total value of $811,231.68. Following the completion of the transaction, the executive vice president directly owned 181,526 shares in the company, valued at approximately $10,777,198.62. The trade was a 7.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Nicholas Meserve sold 14,000 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $67.15, for a total value of $940,100.00. Following the completion of the transaction, the director owned 82,383 shares of the company's stock, valued at $5,532,018.45. This trade represents a 14.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.09% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Truist Financial lifted their price target on shares of Main Street Capital from $54.00 to $64.00 and gave the company a "hold" rating in a research report on Monday, August 11th. Wall Street Zen upgraded shares of Main Street Capital from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Zacks Research upgraded shares of Main Street Capital from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. UBS Group reiterated a "neutral" rating and set a $58.00 price target (up from $56.00) on shares of Main Street Capital in a research report on Wednesday, July 16th. Finally, Royal Bank Of Canada lifted their price target on shares of Main Street Capital from $52.00 to $67.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $61.20.

Main Street Capital Trading Up 0.7%

MAIN traded up $0.43 during trading on Thursday, hitting $66.07. The company's stock had a trading volume of 166,784 shares, compared to its average volume of 543,969. The firm's 50 day moving average price is $64.02 and its 200-day moving average price is $58.89. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.09 and a quick ratio of 0.09. The stock has a market cap of $5.91 billion, a PE ratio of 10.88 and a beta of 0.88. Main Street Capital Corporation has a twelve month low of $47.00 and a twelve month high of $67.77.

Main Street Capital (NYSE:MAIN - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The financial services provider reported $0.99 earnings per share for the quarter, meeting the consensus estimate 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%. On average, analysts expect that Main Street Capital Corporation will post 4.11 earnings per share for the current year.

Main Street Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, November 7th will be issued a $0.255 dividend. The ex-dividend date is Friday, November 7th. This represents a c) annualized dividend and a yield of 4.6%. Main Street Capital's payout ratio is 50.41%.

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.