Truist Financial Corp Lowers Position in Main Street Capital Co. (NYSE:MAIN)

Truist Financial Corp cut its stake in Main Street Capital Co. (NYSE:MAIN – Get Rating) by 23.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,329 shares of the financial services provider’s stock after selling 3,782 shares during the period. Truist Financial Corp’s holdings in Main Street Capital were worth $414,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. lifted its position in shares of Main Street Capital by 11.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,504 shares of the financial services provider’s stock worth $363,000 after purchasing an additional 904 shares during the period. Merit Financial Group LLC acquired a new stake in shares of Main Street Capital in the first quarter worth $274,000. SS&H Financial Advisors Inc. acquired a new stake in shares of Main Street Capital in the first quarter worth $1,079,000. Northern Trust Corp increased its stake in shares of Main Street Capital by 40.1% in the first quarter. Northern Trust Corp now owns 47,333 shares of the financial services provider’s stock worth $2,018,000 after acquiring an additional 13,542 shares during the period. Finally, Invesco Ltd. boosted its holdings in Main Street Capital by 6.9% during the first quarter. Invesco Ltd. now owns 43,655 shares of the financial services provider’s stock worth $1,861,000 after buying an additional 2,814 shares in the last quarter. Institutional investors own 18.79% of the company’s stock.

Main Street Capital Price Performance

Main Street Capital stock opened at $39.50 on Wednesday. Main Street Capital Co. has a 52 week low of $31.66 and a 52 week high of $45.67. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.17. The firm’s 50-day simple moving average is $37.60 and its 200 day simple moving average is $38.76. The firm has a market capitalization of $3.05 billion, a PE ratio of 12.38 and a beta of 1.30.

Main Street Capital (NYSE:MAIN – Get Rating) last released its earnings results on Thursday, November 3rd. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The company had revenue of $98.39 million for the quarter, compared to analyst estimates of $87.68 million. Main Street Capital had a net margin of 66.53% and a return on equity of 11.91%. On average, equities research analysts predict that Main Street Capital Co. will post 3.2 EPS for the current fiscal year.

Main Street Capital Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, February 15th. Investors of record on Wednesday, February 8th will be given a dividend of $0.10 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend is Tuesday, February 7th. This is an increase from Main Street Capital’s previous monthly dividend of $0.08. Main Street Capital’s dividend payout ratio is 84.64%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Hovde Group decreased their price objective on shares of Main Street Capital to $40.00 in a report on Wednesday, October 5th. UBS Group assumed coverage on shares of Main Street Capital in a report on Monday, December 19th. They issued a “neutral” rating and a $40.00 price objective for the company. B. Riley assumed coverage on shares of Main Street Capital in a research note on Monday, December 12th. They issued a “buy” rating and a $42.00 price target for the company. StockNews.com upgraded shares of Main Street Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, January 10th. Finally, Royal Bank of Canada decreased their price target on shares of Main Street Capital from $47.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, November 9th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $41.60.

About Main Street Capital

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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.