Naviter Wealth LLC Buys 6,720 Shares of Main Street Capital Corporation $MAIN

Key Points

• Naviter Wealth LLC increased its stake in Main Street Capital by 9.6%, owning a total of 76,678 shares valued at $4,532,000 as of its latest SEC filing.
• Main Street Capital announced a quarterly dividend of $0.30 per share, with a payout ratio of 50.41%, and a scheduled payment date of October 15th.
• Recent analyst activity includes B. Riley raising its price target from $60 to $64 and Royal Bank of Canada adjusting its target from $52 to $67, indicating a generally positive outlook on the stock.

Naviter Wealth LLC lifted its stake in Main Street Capital Corporation (NYSE:MAIN - Free Report) by 9.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,678 shares of the financial services provider's stock after buying an additional 6,720 shares during the period. Naviter Wealth LLC owned approximately 0.09% of Main Street Capital worth $4,532,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Financial Network Wealth Advisors LLC bought a new stake in shares of Main Street Capital in the first quarter valued at approximately $39,000. Spire Wealth Management bought a new stake in shares of Main Street Capital in the first quarter valued at approximately $40,000. Wellington Shields & Co. LLC bought a new stake in shares of Main Street Capital in the first quarter valued at approximately $41,000. Quarry LP bought a new stake in shares of Main Street Capital in the first quarter valued at approximately $48,000. Finally, Wealth Preservation Advisors LLC bought a new stake in shares of Main Street Capital in the first quarter valued at approximately $58,000. 20.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MAIN has been the subject of several recent research reports. B. Riley boosted their price target on Main Street Capital from $60.00 to $64.00 and gave the company a "neutral" rating in a research note on Monday, August 18th. Wall Street Zen upgraded Main Street Capital from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Weiss Ratings restated a "buy (b)" rating on shares of Main Street Capital in a research report on Saturday, September 27th. Royal Bank Of Canada boosted their price objective 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. Finally, UBS Group restated a "neutral" rating and set a $58.00 price objective (up from $56.00) on shares of Main Street Capital in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Main Street Capital has an average rating of "Moderate Buy" and a consensus price target of $61.20.

Main Street Capital Stock Up 2.6%

Shares of NYSE:MAIN opened at $56.53 on Tuesday. The company has a fifty day moving average of $64.47 and a 200-day moving average of $59.85. The company has a market capitalization of $5.06 billion, a PE ratio of 9.31 and a beta of 0.87. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.09 and a current ratio of 0.09. Main Street Capital Corporation has a 52-week low of $47.00 and a 52-week high of $67.77.

Main Street Capital (NYSE:MAIN - Get Free Report) last announced its quarterly 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 company had revenue of $143.97 million during the quarter, compared to the consensus estimate of $137.23 million. Main Street Capital had a net margin of 96.16% and a return on equity of 12.70%. On average, equities analysts predict that Main Street Capital Corporation will post 4.11 EPS for the current fiscal year.

Main Street Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 8th will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, October 8th. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. Main Street Capital's dividend payout ratio is 50.41%.

Insider Activity

In other news, Director Nicholas Meserve sold 14,000 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $67.15, for a total transaction of $940,100.00. Following the completion of the transaction, the director directly owned 82,383 shares in the company, valued at approximately $5,532,018.45. This represents a 14.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.09% of the company's stock.

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.

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