Main Street Capital (NYSE:MAIN) Stock Rating Raised to Hold 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 report published on Saturday,Wall Street Zen reports.

Several other brokerages have also recently weighed in on MAIN. Zacks Research raised Main Street Capital from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. 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, August 10th. Weiss Ratings upgraded shares of Main Street Capital from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, September 3rd. Wells Fargo & Company raised shares of Main Street Capital from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $55.00 to $60.00 in a report on Tuesday. Finally, Citigroup reiterated a “market outperform” rating on shares of Main Street Capital in a research report on Monday, August 10th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Main Street Capital presently has a consensus rating of “Moderate Buy” and an average target price of $61.67.

Main Street Capital Price Performance

Shares of Main Street Capital stock opened at $55.12 on Friday. Main Street Capital has a twelve month low of $48.95 and a twelve month high of $65.23. 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 50-day simple moving average of $56.91 and a two-hundred day simple moving average of $54.27. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of 11.11 and a beta of 0.74.

Main Street Capital (NYSE:MAIN) last announced its earnings results on Thursday, August 6th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $327.56 million for the quarter, compared to analyst estimates of $144.59 million. Analysts forecast that Main Street Capital will post 3.77 EPS for the current year.

Main Street Capital Announces Dividend

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

Insider Buying and Selling at Main Street Capital

In related news, CAO Ryan Mchugh bought 2,550 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were 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 in the company, valued at $1,337,305.35. This represents a 12.69% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Main Street Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Main Street Capital during the second quarter valued at $20,940,000. Bank of America Corp DE acquired a new stake in Main Street Capital in the second quarter valued at $6,094,000. Bank of New York Mellon Corp bought a new position in Main Street Capital during the 2nd quarter worth $2,382,000. The Manufacturers Life Insurance Company bought a new position in Main Street Capital during the 2nd quarter worth $1,501,000. Finally, Entropy Technologies LP acquired a new position in Main Street Capital during the 1st quarter worth about $1,964,000. Institutional investors own 20.31% of the company’s stock.

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.