28,924 Shares in Main Street Capital Corporation $MAIN Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company purchased a new position in Main Street Capital Corporation (NYSE:MAIN) in the second quarter, HoldingsChannel.com reports. The firm purchased 28,924 shares of the financial services provider’s stock, valued at approximately $1,501,000.

A number of other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Main Street Capital in the second quarter valued at $20,940,000. Adell Harriman & Carpenter Inc. increased its stake 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 worth $28,893,000 after buying an additional 23,942 shares during the period. Entropy Technologies LP purchased a new stake in Main Street Capital during the 1st quarter worth $1,964,000. Brighton Jones LLC acquired a new position in Main Street Capital in the 4th quarter worth $304,000. Finally, Legal & General Group Plc lifted its holdings in Main Street Capital by 15.2% in the 4th quarter. Legal & General Group Plc now owns 719,967 shares of the financial services provider’s stock worth $43,479,000 after buying an additional 95,177 shares in the last quarter. Hedge funds and other institutional investors own 20.31% of the company’s stock.

Main Street Capital Price Performance

Shares of MAIN stock opened at $58.17 on Friday. The firm has a fifty day moving average of $55.56 and a two-hundred day moving average of $54.48. The firm has a market cap of $5.44 billion, a P/E ratio of 11.73 and a beta of 0.72. Main Street Capital Corporation has a 1-year low of $48.95 and a 1-year high of $67.34. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.05 and a quick ratio of 0.05.

Main Street Capital (NYSE:MAIN) last issued its quarterly earnings results on Thursday, August 6th. The financial services provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. Main Street Capital had a net margin of 78.49% and a return on equity of 11.80%. The business had revenue of $327.56 million for the quarter, compared to analysts’ expectations of $144.59 million. As a group, research analysts anticipate that Main Street Capital Corporation will post 3.77 earnings per share for the current fiscal year.

Main Street Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 8th will be paid a dividend of $0.265 per share. The ex-dividend date is Tuesday, December 8th. This represents a c) annualized dividend and a yield of 5.5%. Main Street Capital’s dividend payout ratio is presently 64.11%.

Insider Buying and Selling

In other news, CAO Ryan Mchugh bought 2,550 shares of Main Street Capital stock in a transaction on Thursday, August 13th. The shares were bought at an average price of $59.05 per share, with a total value of $150,577.50. Following the acquisition, the chief accounting officer directly owned 22,647 shares in the company, valued at approximately $1,337,305.35. This represents a 12.69% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jason Beauvais sold 6,830 shares of Main Street Capital stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $51.73, for a total value of $353,315.90. Following the completion of the transaction, the executive vice president owned 196,185 shares of the company’s stock, valued at approximately $10,148,650.05. The trade was a 3.36% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

MAIN has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on 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 upgraded Main Street Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Wall Street Zen downgraded Main Street Capital from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings lowered Main Street Capital from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Finally, Royal Bank Of Canada dropped their price objective on Main Street Capital from $66.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $60.83.

About Main Street Capital

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.