Sound Income Strategies LLC boosted its position in shares of Main Street Capital Co. (NYSE:MAIN) by 5.0% in the fourth quarter, Holdings Channel reports. The fund owned 412,900 shares of the financial services provider’s stock after acquiring an additional 19,515 shares during the period. Main Street Capital accounts for 7.4% of Sound Income Strategies LLC’s investment portfolio, making the stock its 4th biggest holding. Sound Income Strategies LLC’s holdings in Main Street Capital were worth $14,831,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in shares of Main Street Capital by 47.3% during the second quarter. Bank of New York Mellon Corp now owns 18,221 shares of the financial services provider’s stock valued at $693,000 after buying an additional 5,855 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Main Street Capital during the second quarter valued at about $327,000. Legal & General Group Plc raised its position in shares of Main Street Capital by 5.3% during the second quarter. Legal & General Group Plc now owns 229,561 shares of the financial services provider’s stock valued at $8,736,000 after buying an additional 11,488 shares during the last quarter. BlueMountain Capital Management LLC raised its position in shares of Main Street Capital by 17.1% during the second quarter. BlueMountain Capital Management LLC now owns 10,255 shares of the financial services provider’s stock valued at $390,000 after buying an additional 1,499 shares during the last quarter. Finally, Raymond James & Associates raised its position in shares of Main Street Capital by 18.6% during the second quarter. Raymond James & Associates now owns 109,589 shares of the financial services provider’s stock valued at $4,171,000 after buying an additional 17,153 shares during the last quarter. 23.42% of the stock is owned by hedge funds and other institutional investors.
NYSE MAIN traded up $0.23 on Thursday, reaching $36.15. The company’s stock had a trading volume of 270,694 shares, compared to its average volume of 267,099. The stock has a market cap of $2.13 billion, a P/E ratio of 15.13 and a beta of 0.87. Main Street Capital Co. has a 52 week low of $31.95 and a 52 week high of $40.77. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.22.
The company also recently disclosed a monthly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be paid a dividend of $0.195 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $2.34 annualized dividend and a yield of 6.47%. Main Street Capital’s dividend payout ratio is 97.91%.
A number of brokerages have recently commented on MAIN. Zacks Investment Research lowered shares of Main Street Capital from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Raymond James raised shares of Main Street Capital from a “market perform” rating to an “outperform” rating and set a $41.00 target price on the stock in a research note on Monday, November 5th. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $38.50.
In other news, Chairman Vincent D. Foster acquired 25,869 shares of the firm’s stock in a transaction on Friday, November 16th. The shares were purchased at an average cost of $38.66 per share, with a total value of $1,000,095.54. Following the completion of the purchase, the chairman now owns 1,583,565 shares of the company’s stock, valued at $61,220,622.90. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.31% of the stock is currently owned by corporate insiders.
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About Main Street Capital
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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