Main Street Capital (MAIN) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Main Street Capital (NYSE:MAIN) from a hold rating to a buy rating in a report released on Wednesday. The firm currently has $43.00 price target on the financial services provider’s stock.
According to Zacks, “Main Street Capital Corporation is a specialty investment company providing customized financing solutions to lower middle market companies which operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides one stop financing alternatives to its portfolio companies. “
A number of other research firms also recently commented on MAIN. Janney Montgomery Scott set a $35.00 price objective on shares of Main Street Capital and gave the company a hold rating in a report on Friday, November 2nd. National Securities reissued a neutral rating and issued a $38.00 price target on shares of Main Street Capital in a research report on Monday, November 5th. Raymond James raised shares of Main Street Capital from a market perform rating to an outperform rating and set a $41.00 price target for the company in a research report on Monday, November 5th. They noted that the move was a valuation call. Finally, SunTrust Banks reissued a hold rating and issued a $40.00 price target on shares of Main Street Capital in a research report on Friday, August 3rd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $39.50.
Main Street Capital (NYSE:MAIN) last released its quarterly earnings data on Thursday, November 1st. The financial services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.01. The company had revenue of $58.26 million during the quarter, compared to the consensus estimate of $59.19 million. Main Street Capital had a net margin of 95.77% and a return on equity of 10.61%. Main Street Capital’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. As a group, equities analysts forecast that Main Street Capital will post 2.54 earnings per share for the current year.
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a dividend of $0.195 per share. This represents a $2.34 annualized dividend and a yield of 5.99%. The ex-dividend date of this dividend is Friday, December 28th. Main Street Capital’s payout ratio is currently 97.91%.
A number of institutional investors have recently modified their holdings of MAIN. CNO Financial Group Inc. grew its position in Main Street Capital by 114.3% during the 2nd quarter. CNO Financial Group Inc. now owns 300,000 shares of the financial services provider’s stock worth $11,418,000 after purchasing an additional 160,000 shares during the last quarter. Millennium Management LLC purchased a new position in Main Street Capital during the 1st quarter worth $5,193,000. Cornerstone Wealth Management LLC purchased a new position in Main Street Capital during the 2nd quarter worth $2,392,000. Bank of Montreal Can grew its position in Main Street Capital by 13.2% during the 3rd quarter. Bank of Montreal Can now owns 642,418 shares of the financial services provider’s stock worth $24,734,000 after purchasing an additional 74,861 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Main Street Capital by 1,604.9% in the first quarter. JPMorgan Chase & Co. now owns 44,584 shares of the financial services provider’s stock valued at $1,644,000 after acquiring an additional 41,969 shares in the last quarter. 23.94% of the stock is currently owned by institutional investors.
Main Street Capital Company Profile
Main Street Capital Corporation is a business development company specializing in long- term equity and debt investments in small and lower middle market companies. The firm focuses on investments in, subordinated loans, private equity, venture debt, mezzanine investments, mature, mid venture, industry consolidation, later stage, late venture, emerging growth, management buyouts, change of control transactions, ownership transitions, recapitalizations, strategic acquisitions, refinancing, business expansion capital, growth financings, family estate planning, and other growth initiatives primarily for later stage businesses.
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