Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $31,316.48 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 1,882 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $16.64, for a total transaction of $31,316.48. Following the transaction, the insider directly owned 5,281,112 shares in the company, valued at $87,877,703.68. This trade represents a 0.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Guaranty Ltd Assured also recently made the following trade(s):

• On Tuesday, October 28th, Guaranty Ltd Assured sold 266 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.69, for a total transaction of $4,439.54.
• On Monday, October 27th, Guaranty Ltd Assured sold 590 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.70, for a total transaction of $9,853.00.
• On Wednesday, October 15th, Guaranty Ltd Assured sold 6,258 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.90, for a total transaction of $105,760.20.
• On Tuesday, October 14th, Guaranty Ltd Assured sold 1,227 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $17.38, for a total transaction of $21,325.26.
• On Monday, October 13th, Guaranty Ltd Assured sold 3,195 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $17.51, for a total transaction of $55,944.45.
• On Thursday, October 9th, Guaranty Ltd Assured sold 3,409 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $17.78, for a total transaction of $60,612.02.

Sound Point Meridian Capital Trading Down 0.2%

Shares of SPMC stock opened at $16.37 on Friday. Sound Point Meridian Capital, Inc. has a 1 year low of $15.01 and a 1 year high of $22.30. The firm’s fifty day simple moving average is $17.38 and its 200 day simple moving average is $17.92. The firm has a market capitalization of $335.09 million, a P/E ratio of 11.53 and a beta of 0.22.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results on Tuesday, August 12th. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.03). The company had revenue of $19.21 million for the quarter, compared to analyst estimates of $20.72 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a $0.25 dividend. This represents a c) annualized dividend and a yield of 18.3%. The ex-dividend date of this dividend is Friday, November 14th. Sound Point Meridian Capital’s payout ratio is 211.27%.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several large investors have recently made changes to their positions in SPMC. Kim LLC bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth about $192,821,000. Everest Management Corp. bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth about $1,303,000. Marshall Wace LLP grew its holdings in shares of Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Sound Point Meridian Capital by 8.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company’s stock worth $2,908,000 after purchasing an additional 11,602 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have issued reports on SPMC shares. Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. Alliance Global Partners started coverage on shares of Sound Point Meridian Capital in a report on Friday, July 18th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $20.00.

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital Inc is an externally managed, non-diversified closed-end management investment company. Its investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches.