NewEdge Advisors LLC Acquires 34,823 Shares of Main Street Capital Corporation $MAIN

NewEdge Advisors LLC increased its holdings in shares of Main Street Capital Corporation (NYSE:MAIN) by 551.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,143 shares of the financial services provider’s stock after acquiring an additional 34,823 shares during the quarter. NewEdge Advisors LLC’s holdings in Main Street Capital were worth $2,179,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Segall Bryant & Hamill LLC bought a new position in Main Street Capital during the first quarter worth $395,000. Compass Capital Management Inc. acquired a new stake in shares of Main Street Capital during the 1st quarter worth about $335,000. Vestor Capital LLC boosted its holdings in shares of Main Street Capital by 3,675.4% during the 1st quarter. Vestor Capital LLC now owns 48,400 shares of the financial services provider’s stock worth $2,563,000 after buying an additional 47,118 shares during the period. Arete Wealth Advisors LLC grew its stake in Main Street Capital by 6.0% in the 1st quarter. Arete Wealth Advisors LLC now owns 21,664 shares of the financial services provider’s stock valued at $1,147,000 after buying an additional 1,233 shares during the last quarter. Finally, Western Wealth Management LLC bought a new position in Main Street Capital in the 1st quarter valued at about $139,000. Institutional investors and hedge funds own 20.31% of the company’s stock.

Main Street Capital Stock Down 0.8%

NYSE MAIN opened at $58.74 on Friday. The company has a current ratio of 0.05, a quick ratio of 0.06 and a debt-to-equity ratio of 0.11. Main Street Capital Corporation has a 1-year low of $48.95 and a 1-year high of $67.48. The company has a 50 day moving average of $53.51 and a 200-day moving average of $54.91. The company has a market cap of $5.49 billion, a price-to-earnings ratio of 11.84 and a beta of 0.71.

Main Street Capital (NYSE:MAIN) last issued its quarterly earnings results on Thursday, August 6th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. The business had revenue of $327.56 million during the quarter, compared to analysts’ expectations of $144.59 million. Main Street Capital had a return on equity of 11.80% and a net margin of 78.49%. On average, equities research analysts expect that Main Street Capital Corporation will post 3.78 earnings per share for the current fiscal year.

Main Street Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 8th will be issued a $0.265 dividend. The ex-dividend date of this dividend is Tuesday, December 8th. This represents a c) annualized dividend and a yield of 5.4%. Main Street Capital’s payout ratio is currently 64.11%.

Insiders Place Their Bets

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

Analysts Set New Price Targets

MAIN has been the subject of a number of research analyst reports. Royal Bank Of Canada reduced their price objective on Main Street Capital from $66.00 to $58.00 and set an “outperform” rating for the company in a report on Thursday, May 14th. Truist Financial boosted their price target on Main Street Capital from $53.00 to $57.00 and gave the company a “hold” rating in a research note on Monday. Zacks Research upgraded Main Street Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Citigroup reissued a “market outperform” rating on shares of Main Street Capital in a report on Monday. Finally, Wells Fargo & Company boosted their target price on shares of Main Street Capital from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $60.83.

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.