Main Street Capital (NYSE:MAIN) Hits New 52-Week High Following Analyst Upgrade

Key Points

• Main Street Capital's stock reached a new 52-week high of $67.03 after Truist Financial upgraded its price target from $54.00 to $64.00, currently holding a "hold" rating on the stock.
• The company also announced a monthly dividend of $0.255 per share, with a yield of 4.6%, payable on December 15th to shareholders of record on December 8th.
• Insider sales were noted as EVP Jason B. Beauvais sold 13,664 shares for over $811,000, reducing his ownership stake in the company by 7%.

Main Street Capital Corporation (NYSE:MAIN - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $54.00 to $64.00. Truist Financial currently has a hold rating on the stock. Main Street Capital traded as high as $67.03 and last traded at $66.38, with a volume of 163925 shares. The stock had previously closed at $65.63.

A number of other research analysts have also recently issued reports on MAIN. UBS Group reaffirmed a "neutral" rating and set a $58.00 price objective (up from $56.00) on shares of Main Street Capital in a research note on Wednesday, July 16th. Oppenheimer restated a "market perform" rating on shares of Main Street Capital in a research report on Tuesday, May 13th. Wall Street Zen upgraded shares of Main Street Capital from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, B. Riley raised shares of Main Street Capital to a "hold" rating in a report on Monday, June 16th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Main Street Capital currently has an average rating of "Hold" and an average target price of $55.60.

Insider Buying and Selling at Main Street Capital

In other news, EVP Jason B. Beauvais sold 13,664 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 181,526 shares of the company's stock, valued at approximately $10,777,198.62. This represents a 7.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Main Street Capital by 50.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,261 shares of the financial services provider's stock valued at $468,000 after buying an additional 2,756 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Main Street Capital by 10.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 242,857 shares of the financial services provider's stock valued at $13,736,000 after purchasing an additional 22,340 shares in the last quarter. Segment Wealth Management LLC grew its position in shares of Main Street Capital by 134.3% in the first quarter. Segment Wealth Management LLC now owns 117,994 shares of the financial services provider's stock valued at $6,674,000 after purchasing an additional 67,626 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Main Street Capital during the first quarter worth $578,000. Finally, Victory Capital Management Inc. acquired a new stake in Main Street Capital in the first quarter valued at $6,205,000. Institutional investors and hedge funds own 20.31% of the company's stock.

Main Street Capital Stock Performance

The stock has a fifty day moving average of $61.13 and a 200-day moving average of $58.28. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.12. The stock has a market cap of $5.87 billion, a PE ratio of 10.86 and a beta of 0.85.

Main Street Capital (NYSE:MAIN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The financial services provider reported $0.99 earnings per share for the quarter, meeting analysts' consensus estimates of $0.99. The business 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 12.82%. On average, equities analysts forecast that Main Street Capital Corporation will post 4.11 EPS for the current year.

Main Street Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be issued a dividend of $0.255 per share. The ex-dividend date is Monday, December 8th. This represents a c) dividend on an annualized basis and a yield of 4.6%. Main Street Capital's payout ratio is currently 50.41%.

Main Street Capital Company 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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