Naviter Wealth LLC Has $4.53 Million Stake in Main Street Capital Corporation $MAIN

Naviter Wealth LLC boosted its stake in Main Street Capital Corporation (NYSE:MAIN) by 9.6% in the second quarter, HoldingsChannel.com reports. The firm owned 76,678 shares of the financial services provider’s stock after buying an additional 6,720 shares during the period. Naviter Wealth LLC’s holdings in Main Street Capital were worth $4,532,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Main Street Capital by 50.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,261 shares of the financial services provider’s stock valued at $468,000 after purchasing an additional 2,756 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Main Street Capital by 10.1% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 242,857 shares of the financial services provider’s stock valued at $13,736,000 after purchasing an additional 22,340 shares during the period. Mackenzie Financial Corp acquired a new stake in Main Street Capital in the first quarter valued at $578,000. Segment Wealth Management LLC increased its holdings in Main Street Capital by 134.3% in the first quarter. Segment Wealth Management LLC now owns 117,994 shares of the financial services provider’s stock valued at $6,674,000 after purchasing an additional 67,626 shares during the period. Finally, Victory Capital Management Inc. acquired a new stake in Main Street Capital in the first quarter valued at $6,205,000. 20.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MAIN. Zacks Research raised shares of Main Street Capital from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 20th. Truist Financial upped their price target on shares of Main Street Capital from $54.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, August 11th. UBS Group reaffirmed a “neutral” rating and set a $58.00 price target (up previously from $56.00) on shares of Main Street Capital in a research report on Wednesday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Main Street Capital in a research report on Saturday, September 27th. Finally, Wall Street Zen raised shares of Main Street Capital from a “sell” rating to a “hold” rating in a research report on Sunday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Main Street Capital has a consensus rating of “Moderate Buy” and an average target price of $61.20.

Main Street Capital Price Performance

MAIN stock opened at $56.53 on Tuesday. The stock has a market capitalization of $5.06 billion, a PE ratio of 9.31 and a beta of 0.87. The company’s 50-day moving average is $64.47 and its 200-day moving average is $59.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.09 and a quick ratio of 0.09. Main Street Capital Corporation has a 1 year low of $47.00 and a 1 year high of $67.77.

Main Street Capital (NYSE:MAIN) last released its quarterly earnings data on Thursday, August 7th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.99. The company had revenue of $143.97 million for the quarter, compared to analysts’ expectations of $137.23 million. Main Street Capital had a net margin of 96.16% and a return on equity of 12.70%. Equities research analysts expect that Main Street Capital Corporation will post 4.11 EPS for the current fiscal year.

Main Street Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 8th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, October 8th. Main Street Capital’s dividend payout ratio is 50.41%.

Insider Activity

In other news, Director Nicholas Meserve sold 14,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $67.15, for a total transaction of $940,100.00. Following the transaction, the director owned 82,383 shares of the company’s stock, valued at $5,532,018.45. This represents a 14.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.09% of the stock is owned by company insiders.

Main Street Capital Profile

Main Street Capital Corporation is a business development company specializes in equity capital to lower middle market companies. The firm specializing in recapitalizations, management buyouts, refinancing, family estate planning, management buyouts, refinancing, industry consolidation, mature, later stage emerging growth.