Sound Point Meridian Capital (NYSE:SPMC) CEO Ujjaval Desai Purchases 1,000 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) CEO Ujjaval Desai purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were bought at an average price of $13.60 per share, for a total transaction of $13,600.00. Following the acquisition, the chief executive officer directly owned 80,741 shares in the company, valued at $1,098,077.60. This trade represents a 1.25% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Ujjaval Desai also recently made the following trade(s):

• On Friday, December 12th, Ujjaval Desai acquired 1,162 shares of Sound Point Meridian Capital stock. The shares were purchased at an average cost of $13.84 per share, with a total value of $16,082.08.
• On Wednesday, October 22nd, Ujjaval Desai acquired 8,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average price of $15.71 per share, for a total transaction of $125,680.00.
• On Monday, October 20th, Ujjaval Desai purchased 12,000 shares of Sound Point Meridian Capital stock. The shares were acquired at an average cost of $15.36 per share, with a total value of $184,320.00.

Sound Point Meridian Capital Trading Down 0.4%

Shares of SPMC traded down $0.06 during trading hours on Tuesday, reaching $13.53. 50,321 shares of the company traded hands, compared to its average volume of 30,531. The stock’s fifty day moving average price is $15.67 and its 200 day moving average price is $17.10. The firm has a market cap of $277.26 million, a price-to-earnings ratio of 67.63 and a beta of 0.25. Sound Point Meridian Capital, Inc. has a 12-month low of $13.06 and a 12-month high of $22.30.

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 company had revenue of $20.23 million for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a dividend of $0.25 per share. This represents a c) annualized dividend and a yield of 22.2%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s payout ratio is 1,500.00%.

Hedge Funds Weigh In On Sound Point Meridian Capital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the third quarter worth about $267,000. Everest Management Corp. purchased a new position in shares of Sound Point Meridian Capital in the second quarter valued at approximately $1,303,000. Marshall Wace LLP boosted its stake in shares of Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after acquiring an additional 20,163 shares during the last quarter. Finally, Kim LLC purchased a new stake in shares of Sound Point Meridian Capital during the second quarter worth approximately $192,821,000.

Wall Street Analyst Weigh In

SPMC has been the subject of a number of research reports. B. Riley decreased their target price on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Industrial Alliance Securities set a $18.50 price target on Sound Point Meridian Capital in a research report on Thursday, November 13th. Compass Point set a $20.00 target price on Sound Point Meridian Capital in a research note on Tuesday, September 30th. Oppenheimer set a $20.00 price objective on Sound Point Meridian Capital in a research report on Monday, December 1st. Finally, Zacks Research cut shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Friday, November 21st. Two investment 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.