Sanctuary Advisors LLC Invests $906,000 in Main Street Capital Corporation $MAIN

Sanctuary Advisors LLC acquired a new stake in Main Street Capital Corporation (NYSE:MAIN) in the 2nd quarter, Holdings Channel reports. The firm acquired 17,460 shares of the financial services provider’s stock, valued at approximately $906,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Adell Harriman & Carpenter Inc. increased its position in Main Street Capital by 5.3% during the 4th quarter. Adell Harriman & Carpenter Inc. now owns 478,435 shares of the financial services provider’s stock valued at $28,893,000 after buying an additional 23,942 shares in the last quarter. Entropy Technologies LP purchased a new position in Main Street Capital during the first quarter valued at $1,964,000. Brighton Jones LLC bought a new stake in Main Street Capital in the fourth quarter worth $304,000. Legal & General Group Plc boosted its holdings in Main Street Capital by 15.2% in the fourth quarter. Legal & General Group Plc now owns 719,967 shares of the financial services provider’s stock worth $43,479,000 after acquiring an additional 95,177 shares in the last quarter. Finally, LGT Fund Management Co Ltd. purchased a new stake in shares of Main Street Capital in the first quarter worth $1,470,000. Institutional investors and hedge funds own 20.31% of the company’s stock.

Insider Transactions at Main Street Capital

In other Main Street Capital news, EVP Jason B. Beauvais sold 6,830 shares of the stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $51.73, for a total value of $353,315.90. Following the transaction, the executive vice president owned 196,185 shares of the company’s stock, valued at approximately $10,148,650.05. This represents a 3.36% 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 the SEC website. Also, CAO Ryan Mchugh bought 2,550 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was purchased at an average cost of $59.05 per share, for a total transaction of $150,577.50. Following the completion of the transaction, the chief accounting officer directly owned 22,647 shares of the company’s stock, valued at approximately $1,337,305.35. The trade was a 12.69% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.83% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MAIN shares. Weiss Ratings downgraded Main Street Capital from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, August 13th. Wall Street Zen downgraded shares of Main Street Capital from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Wells Fargo & Company raised their price objective on shares of Main Street Capital from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Zacks Research raised shares of Main Street Capital from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Finally, Truist Financial upped their target price on shares of Main Street Capital from $53.00 to $57.00 and gave the stock a “hold” rating in a research note on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $60.83.

Main Street Capital Trading Down 0.0%

Shares of MAIN stock opened at $58.58 on Friday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.11. Main Street Capital Corporation has a 12-month low of $48.95 and a 12-month high of $67.34. The stock has a market capitalization of $5.48 billion, a P/E ratio of 11.81 and a beta of 0.71. The firm’s 50 day moving average is $54.92 and its 200 day moving average is $54.60.

Main Street Capital (NYSE:MAIN) last announced its earnings results on Thursday, August 6th. The financial services provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $327.56 million during the quarter, compared to analyst estimates of $144.59 million. Main Street Capital had a net margin of 78.49% and a return on equity of 11.80%. Research analysts expect that Main Street Capital Corporation will post 3.77 earnings per share for the current year.

Main Street Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 8th will be given a dividend of $0.265 per share. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Tuesday, December 8th. Main Street Capital’s dividend payout ratio is 64.11%.

Main Street Capital 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.