Meridian Wealth Management LLC Reduces Holdings in Main Street Capital Corporation (NYSE:MAIN)

Key Points

• Meridian Wealth Management LLC reduced its stake in Main Street Capital Corporation by 6.0%, selling 6,595 shares and owning 102,690 shares worth approximately $5.8 million at the end of the reporting period.
• Analysts have given Main Street Capital a consensus rating of "Hold", with five analysts recommending holding the stock and one recommending buying, while the average target price is $53.60.
• Main Street Capital announced a monthly dividend of $0.255 per share to be paid on December 15th, representing an annual yield of 4.7%.

Meridian Wealth Management LLC reduced its holdings in shares of Main Street Capital Corporation (NYSE:MAIN - Free Report) by 6.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,690 shares of the financial services provider's stock after selling 6,595 shares during the quarter. Meridian Wealth Management LLC owned approximately 0.12% of Main Street Capital worth $5,808,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Spire Wealth Management acquired a new stake in shares of Main Street Capital during the 1st quarter worth about $40,000. Wellington Shields & Co. LLC acquired a new stake in shares of Main Street Capital during the 1st quarter worth about $41,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Main Street Capital during the 4th quarter worth about $45,000. NBC Securities Inc. acquired a new stake in shares of Main Street Capital during the 1st quarter worth about $54,000. Finally, GAMMA Investing LLC boosted its stake in shares of Main Street Capital by 5,557.9% during the 1st quarter. GAMMA Investing LLC now owns 1,075 shares of the financial services provider's stock worth $61,000 after purchasing an additional 1,056 shares during the last quarter. 20.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MAIN shares. UBS Group reaffirmed a "neutral" rating and set a $58.00 price target (up from $56.00) on shares of Main Street Capital in a research note on Wednesday, July 16th. Truist Financial raised their price target on shares of Main Street Capital from $54.00 to $64.00 and gave the stock a "hold" rating in a research note on Monday. Wall Street Zen raised shares of Main Street Capital from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. B. Riley raised shares of Main Street Capital to a "hold" rating in a research report on Monday, June 16th. Finally, Oppenheimer reissued a "market perform" rating on shares of Main Street Capital in a research report on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $55.60.

Main Street Capital Trading Down 0.6%

Shares of MAIN traded down $0.38 during mid-day trading on Thursday, hitting $67.16. The company had a trading volume of 387,557 shares, compared to its average volume of 550,860. The business's 50-day simple moving average is $61.74 and its 200-day simple moving average is $58.43. The company has a quick ratio of 0.10, a current ratio of 0.09 and a debt-to-equity ratio of 0.12. Main Street Capital Corporation has a 1-year low of $47.00 and a 1-year high of $67.77. The stock has a market cap of $6.01 billion, a PE ratio of 11.06 and a beta of 0.85.

Main Street Capital (NYSE:MAIN - Get Free Report) last released its earnings results on Thursday, August 7th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.99. The business had revenue of $143.97 million for the quarter, compared to analysts' expectations of $137.23 million. Main Street Capital had a net margin of 96.16% and a return on equity of 12.70%. Sell-side analysts forecast 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 Monday, December 15th. Shareholders of record on Monday, December 8th will be given a dividend of $0.255 per share. This represents a c) dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Monday, December 8th. Main Street Capital's payout ratio is 50.41%.

Insiders Place Their Bets

In other Main Street Capital news, EVP Jason B. Beauvais sold 13,664 shares of Main Street Capital stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $59.37, for a total transaction of $811,231.68. Following the transaction, the executive vice president directly owned 181,526 shares of the company's stock, valued at $10,777,198.62. The trade was a 7.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.00% of the stock is currently owned by company insiders.

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.