Independent Financial Group LLC Acquires New Position in Main Street Capital Corporation $MAIN

Independent Financial Group LLC bought a new position in Main Street Capital Corporation (NYSE:MAIN) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,560 shares of the financial services provider’s stock, valued at approximately $771,000.

A number of other institutional investors also recently modified their holdings of the stock. Garner Asset Management Corp acquired a new position in shares of Main Street Capital in the fourth quarter worth $28,000. Smartleaf Asset Management LLC grew its stake in Main Street Capital by 109.6% in the second quarter. Smartleaf Asset Management LLC now owns 478 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Sankala Group LLC acquired a new position in Main Street Capital in the 4th quarter worth about $29,000. Gilpin Wealth Management LLC purchased a new stake in shares of Main Street Capital during the 4th quarter worth about $31,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Main Street Capital by 181.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 565 shares of the financial services provider’s stock valued at $34,000 after buying an additional 364 shares during the last quarter. Institutional investors and hedge funds own 20.31% of the company’s stock.

Analysts Set New Price Targets

MAIN has been the topic of a number of research reports. Citizens Jmp dropped their price objective on Main Street Capital from $74.00 to $70.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Wall Street Zen cut shares of Main Street Capital from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Truist Financial decreased their target price on shares of Main Street Capital from $60.00 to $53.00 and set a “hold” rating for the company in a research report on Tuesday, May 19th. Zacks Research downgraded shares of Main Street Capital from a “hold” rating to a “strong sell” rating in a report on Thursday, May 28th. Finally, Royal Bank Of Canada reduced their price objective on shares of Main Street Capital from $66.00 to $58.00 and set an “outperform” rating for the company in a research note on Thursday, May 14th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $59.33.

Insider Transactions at Main Street Capital

In related news, EVP Jason B. Beauvais sold 6,830 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $51.73, for a total value of $353,315.90. Following the transaction, the executive vice president directly owned 196,185 shares in the company, valued at approximately $10,148,650.05. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 3.83% of the company’s stock.

Main Street Capital Stock Down 0.8%

Shares of MAIN stock opened at $54.17 on Wednesday. The stock’s 50 day simple moving average is $51.63 and its 200 day simple moving average is $55.65. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.06 and a current ratio of 0.06. Main Street Capital Corporation has a twelve month low of $48.95 and a twelve month high of $67.77. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 11.40 and a beta of 0.72.

Main Street Capital (NYSE:MAIN) last announced its earnings results on Thursday, May 7th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.11). Main Street Capital had a return on equity of 12.01% and a net margin of 74.86%.The company had revenue of $73.44 million for the quarter, compared to the consensus estimate of $145.23 million. As a group, research analysts predict that Main Street Capital Corporation will post 3.79 EPS for the current year.

Main Street Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th will be issued a dividend of $0.265 per share. This represents a c) annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Tuesday, September 8th. Main Street Capital’s dividend payout ratio is currently 66.95%.

Main Street Capital Company Profile

Main Street Capital Corporation (NYSE: MAIN) is a publicly traded business development company that provides flexible debt and equity capital to lower middle market companies in the United States. Headquartered in Houston, Texas, Main Street Capital was formed in 2007 and operates under the Investment Company Act of 1940. The firm’s management services are provided by Main Street Capital Management, L.P., which focuses on identifying growing private companies with enterprise values typically between $10 million and $150 million.

Main Street Capital’s primary offerings include first-lien senior secured loans, second-lien loans, subordinated debt, and equity co-investments or minority equity positions.