Main Street Capital (NYSE:MAIN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Main Street Capital (NYSE:MAIN) from a sell rating to a hold rating in a research report released on Saturday,Wall Street Zen reports.

Other equities research analysts have also issued research reports about the company. Truist Financial upped their target price 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. Zacks Research raised Main Street Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings upgraded Main Street Capital from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, September 3rd. Wells Fargo & Company upgraded Main Street Capital from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $55.00 to $60.00 in a report on Tuesday, September 29th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Main Street Capital in a research report on Monday, August 10th. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Main Street Capital has an average rating of “Moderate Buy” and an average price target of $61.67.

Main Street Capital Price Performance

Shares of NYSE MAIN opened at $54.97 on Friday. The company has a market capitalization of $5.14 billion, a PE ratio of 11.08 and a beta of 0.74. 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 has a twelve month low of $48.95 and a twelve month high of $65.23. The firm has a fifty day simple moving average of $56.94 and a 200 day simple moving average of $54.26.

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, beating analysts’ consensus estimates 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, sell-side analysts forecast that Main Street Capital will post 3.77 EPS for the current year.

Main Street Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 8th will be paid a dividend of $0.2650 per share. This represents a $3.18 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date of this dividend is Tuesday, December 8th. Main Street Capital’s dividend payout ratio is 64.11%.

Insider Transactions at Main Street Capital

In other news, CAO Ryan Mchugh acquired 2,550 shares of Main Street Capital stock in a transaction on Thursday, August 13th. The stock was purchased at an average price of $59.05 per share, with a total value of $150,577.50. Following the completion of the purchase, the chief accounting officer 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. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Main Street Capital

A number of institutional investors have recently modified their holdings of the company. Corient Private Wealth LLC grew its position in Main Street Capital by 3,880.8% in 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. Legal & General Group Plc acquired a new position in Main Street Capital during the second quarter worth $43,323,000. Adell Harriman & Carpenter Inc. lifted its stake 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 buying an additional 6,149 shares in the last quarter. BlackRock Inc. bought a new position in shares of Main Street Capital in the second quarter valued at $20,940,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Main Street Capital by 4.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 370,509 shares of the financial services provider’s stock valued at $19,622,000 after buying an additional 14,962 shares during the last quarter. 20.31% of the stock is owned by institutional investors and hedge funds.

Main Street Capital Company Profile

Main Street Capital Corporation is a business development company that provides customized debt and equity financing to privately owned businesses. The company primarily supports lower middle market companies, as well as certain middle market businesses, that may require capital for growth, acquisitions, recapitalizations, refinancings, or ownership transitions.

Main Street typically invests in the form of secured debt, subordinated debt, equity investments, and warrants. Its lower middle market investments are often made in partnership with company owners and management teams, while its middle market activities generally involve providing longer-term debt capital to established businesses.