Legal & General Group Plc Makes New $43.32 Million Investment in Main Street Capital Corporation $MAIN

Legal & General Group Plc bought a new position in Main Street Capital Corporation (NYSE:MAIN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 835,057 shares of the financial services provider’s stock, valued at approximately $43,323,000.

Other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in Main Street Capital by 6.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,734,461 shares of the financial services provider’s stock worth $165,135,000 after purchasing an additional 162,580 shares during the period. Corient Private Wealth LLC raised its stake in Main Street Capital by 3,880.8% during the 4th quarter. Corient Private Wealth LLC now owns 890,461 shares of the financial services provider’s stock valued at $53,774,000 after purchasing an additional 868,092 shares during the period. UBS Group AG raised its stake in Main Street Capital by 160.7% during the 3rd quarter. UBS Group AG now owns 866,884 shares of the financial services provider’s stock valued at $55,125,000 after purchasing an additional 534,374 shares during the period. Adell Harriman & Carpenter Inc. lifted its holdings in shares of Main Street Capital by 1.3% in the first quarter. Adell Harriman & Carpenter Inc. now owns 484,584 shares of the financial services provider’s stock valued at $25,664,000 after purchasing an additional 6,149 shares in the last quarter. Finally, BlackRock Inc. purchased a new stake in shares of Main Street Capital in the second quarter valued at $20,940,000. Institutional investors and hedge funds own 20.31% of the company’s stock.

Main Street Capital Stock Down 0.0%

MAIN stock opened at $58.58 on Friday. The company has a 50 day moving average of $54.92 and a two-hundred day moving average of $54.60. The company has a market cap of $5.48 billion, a price-to-earnings ratio of 11.81 and a beta of 0.71. Main Street Capital Corporation has a 12-month low of $48.95 and a 12-month high of $67.34. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.11.

Main Street Capital (NYSE:MAIN) last posted its quarterly earnings results on Thursday, August 6th. The financial services provider reported $0.97 EPS for the quarter, beating 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. On average, equities 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. Investors of record on Tuesday, December 8th will be given a dividend of $0.265 per share. The ex-dividend date of this dividend is Tuesday, December 8th. This represents a c) dividend on an annualized basis and a yield of 5.4%. Main Street Capital’s dividend payout ratio (DPR) is presently 64.11%.

Insider Transactions at Main Street Capital

In other news, EVP Jason B. Beauvais sold 6,830 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $10,148,650.05. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ryan Mchugh purchased 2,550 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were purchased at an average cost of $59.05 per share, with a total value of $150,577.50. Following the completion of the purchase, 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

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

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.