Thomas J. Herzfeld Advisors Inc. Trims Stake in Sound Point Meridian Capital, Inc. $SPMC

Thomas J. Herzfeld Advisors Inc. lowered its position in Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 72.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 62,921 shares of the company’s stock after selling 162,216 shares during the quarter. Thomas J. Herzfeld Advisors Inc. owned about 0.31% of Sound Point Meridian Capital worth $1,125,000 at the end of the most recent quarter.

Separately, Everest Management Corp. purchased a new position in Sound Point Meridian Capital during the second quarter worth about $1,303,000.

Sound Point Meridian Capital Price Performance

Shares of NYSE SPMC opened at $14.01 on Friday. The stock has a market capitalization of $287.21 million, a P/E ratio of 70.05 and a beta of 0.25. Sound Point Meridian Capital, Inc. has a one year low of $13.06 and a one year high of $22.30. The firm’s 50 day simple moving average is $16.20 and its two-hundred day simple moving average is $17.32.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Thursday, November 13th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The firm had revenue of $20.23 million for the quarter, compared to analysts’ expectations of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be given a dividend of $0.25 per share. This represents a c) annualized dividend and a yield of 21.4%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is presently 1,500.00%.

Insider Activity

In related news, Chairman Stephen Ketchum acquired 5,000 shares of the firm’s stock in a transaction dated 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 acquisition, the chairman owned 92,090 shares in the company, valued at approximately $1,437,524.90. This represents a 5.74% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ujjaval Desai bought 12,000 shares of the stock in a transaction dated Monday, October 20th. The stock was bought at an average cost of $15.36 per share, with a total value of $184,320.00. Following the purchase, the chief executive officer owned 70,579 shares in the company, valued at $1,084,093.44. The trade was a 20.49% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 28,000 shares of company stock valued at $434,270 and have sold 16,929 shares valued at $290,924. Insiders own 0.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SPMC shares. B. Riley decreased their target price on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. Zacks Research cut shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. Industrial Alliance Securities set a $18.50 target price on shares of Sound Point Meridian Capital in a research note on Thursday, November 13th. Compass Point set a $20.00 target price on shares of Sound Point Meridian Capital in a research report on Tuesday, September 30th. Finally, Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a report on Monday. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.90.

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.