Wedmont Private Capital Acquires New Holdings in Main Street Capital Corporation $MAIN

Wedmont Private Capital bought a new position in Main Street Capital Corporation (NYSE:MAIN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 16,928 shares of the financial services provider’s stock, valued at approximately $894,000.

Other hedge funds have also added to or reduced their stakes in the company. Prospera Financial Services Inc lifted its holdings in shares of Main Street Capital by 0.4% during the 4th quarter. Prospera Financial Services Inc now owns 48,229 shares of the financial services provider’s stock valued at $2,915,000 after buying an additional 194 shares during the period. SMH Capital Advisors Inc. grew its holdings in shares of Main Street Capital by 1.1% in the fourth quarter. SMH Capital Advisors Inc. now owns 18,884 shares of the financial services provider’s stock worth $1,140,000 after acquiring an additional 206 shares during the period. Sequoia Financial Advisors LLC increased its position in Main Street Capital by 3.5% during the first quarter. Sequoia Financial Advisors LLC now owns 6,142 shares of the financial services provider’s stock valued at $325,000 after acquiring an additional 207 shares during the last quarter. Lido Advisors LLC increased its position in Main Street Capital by 1.7% during the fourth quarter. Lido Advisors LLC now owns 12,520 shares of the financial services provider’s stock valued at $794,000 after acquiring an additional 209 shares during the last quarter. Finally, Freedom Financial Partners LLC lifted its holdings in Main Street Capital by 4.1% in the first quarter. Freedom Financial Partners LLC now owns 5,577 shares of the financial services provider’s stock valued at $295,000 after acquiring an additional 221 shares during the period. 20.31% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Ryan Mchugh bought 2,550 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were bought at an average price of $59.05 per share, for a total transaction of $150,577.50. Following the purchase, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, 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 transaction, the executive vice president directly owned 196,185 shares of the company’s stock, valued at $10,148,650.05. This represents a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.83% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Zacks Research raised Main Street Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Citigroup reaffirmed a “market outperform” rating on shares of Main Street Capital in a research report on Monday, August 10th. Wall Street Zen downgraded shares of Main Street Capital from a “hold” rating to a “sell” rating in a 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 stock an “equal weight” rating in a report on Monday, August 10th. Finally, Truist Financial upped their target price on shares of Main Street Capital from $53.00 to $57.00 and gave the company a “hold” rating in a report on Monday, August 10th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $60.83.

Main Street Capital Stock Down 1.7%

NYSE MAIN opened at $56.72 on Wednesday. Main Street Capital Corporation has a 52 week low of $48.95 and a 52 week 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. The company has a market capitalization of $5.30 billion, a P/E ratio of 11.43 and a beta of 0.72. The stock’s 50-day moving average price is $55.92 and its 200-day moving average price is $54.43.

Main Street Capital (NYSE:MAIN) last announced its quarterly earnings data on Thursday, August 6th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $327.56 million during the quarter, compared to the consensus estimate 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 predict that Main Street Capital Corporation will post 3.77 earnings per share for the current year.

Main Street Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 8th will be given a $0.265 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date is Tuesday, December 8th. Main Street Capital’s dividend payout ratio is presently 64.11%.

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.