Sound Point Meridian Capital (SPMC) Projected to Post Earnings on Thursday

Sound Point Meridian Capital (NYSE:SPMC) is expected to release its results before the market opens on Thursday, November 13th. Analysts expect Sound Point Meridian Capital to post earnings of $0.56 per share and revenue of $20.45 million for the quarter.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings results on Tuesday, August 12th. The company reported $0.53 earnings per share 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 analysts’ expectations of $20.72 million.

Sound Point Meridian Capital Price Performance

NYSE:SPMC opened at $16.59 on Wednesday. The business’s 50-day moving average is $17.16 and its two-hundred day moving average is $17.80. The firm has a market capitalization of $339.60 million, a PE ratio of 11.68 and a beta of 0.20. Sound Point Meridian Capital has a 12 month low of $15.01 and a 12 month high of $22.30.

Sound Point Meridian Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a dividend of $0.25 per share. This represents a c) annualized dividend and a dividend yield of 18.1%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is presently 211.27%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SPMC shares. Compass Point set a $20.00 price target on Sound Point Meridian Capital in a report on Tuesday, September 30th. Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a research note on Friday, July 18th. They issued a “buy” rating and a $20.00 target price for the company. Finally, Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. One equities research 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 company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $20.00.

Insider Buying and Selling

In other news, CEO Ujjaval Desai acquired 12,000 shares of the stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average cost of $15.36 per share, with a total value of $184,320.00. Following the completion of the acquisition, the chief executive officer directly owned 70,579 shares in the company, valued at $1,084,093.44. This represents a 20.49% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Stephen Ketchum acquired 5,000 shares of Sound Point Meridian Capital stock in a transaction that occurred on Monday, October 20th. The shares were purchased at an average price of $15.61 per share, for a total transaction of $78,050.00. Following the completion of the purchase, the chairman directly owned 92,090 shares of the company’s stock, valued at $1,437,524.90. The trade was a 5.74% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 28,000 shares of company stock worth $434,270 and sold 16,827 shares worth $289,251.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Sound Point Meridian Capital stock. Marshall Wace LLP lifted its holdings in Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 35.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 77,152 shares of the company’s stock after purchasing an additional 20,163 shares during the quarter. Marshall Wace LLP owned 0.38% of Sound Point Meridian Capital worth $1,379,000 as of its most recent filing with the SEC.

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.