Main Street Capital Co. (NYSE:MAIN) Plans Dividend Increase – $0.30 Per Share

Main Street Capital Co. (NYSE:MAIN) declared a monthly dividend on Monday, February 24th, NASDAQ Dividends reports. Investors of record on Tuesday, April 8th will be paid a dividend of 0.30 per share by the financial services provider on Tuesday, April 15th. This represents a $3.60 dividend on an annualized basis and a yield of 6.98%. The ex-dividend date of this dividend is Tuesday, April 8th. This is a 20.0% increase from Main Street Capital’s previous monthly dividend of $0.25.

Main Street Capital has raised its dividend payment by an average of 8.6% per year over the last three years. Main Street Capital has a dividend payout ratio of 76.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Main Street Capital to earn $4.06 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 73.9%.

Main Street Capital Stock Down 7.8 %

Shares of Main Street Capital stock opened at $51.55 on Friday. The company has a 50-day simple moving average of $59.18 and a two-hundred day simple moving average of $55.96. The stock has a market capitalization of $4.57 billion, a PE ratio of 9.34 and a beta of 0.98. Main Street Capital has a 52-week low of $45.00 and a 52-week high of $63.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.08 and a current ratio of 0.08.

Main Street Capital (NYSE:MAIN) last announced its quarterly earnings data on Thursday, February 27th. The financial services provider reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.06). Main Street Capital had a return on equity of 13.83% and a net margin of 89.25%. The firm had revenue of $140.44 million during the quarter, compared to analysts’ expectations of $141.40 million. On average, analysts anticipate that Main Street Capital will post 4.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Truist Financial increased their price objective on Main Street Capital from $52.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, March 3rd.

Insider Transactions at Main Street Capital

In other news, CEO Dwayne L. Hyzak sold 120,000 shares of the stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $58.05, for a total value of $6,966,000.00. Following the transaction, the chief executive officer now owns 402,371 shares in the company, valued at $23,357,636.55. This represents a 22.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David L. Magdol sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $58.05, for a total transaction of $5,805,000.00. Following the sale, the insider now owns 377,182 shares of the company’s stock, valued at $21,895,415.10. This trade represents a 20.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Main Street Capital stock. Brighton Jones LLC acquired a new stake in shares of Main Street Capital Co. (NYSE:MAIN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 5,185 shares of the financial services provider’s stock, valued at approximately $304,000. Institutional investors own 20.31% of the company’s stock.

About Main Street Capital

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.