Ujjaval Desai Purchases 1,162 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) CEO Ujjaval Desai acquired 1,162 shares of the stock in a transaction that occurred on Friday, December 12th. The stock was acquired at an average cost of $13.84 per share, with a total value of $16,082.08. Following the completion of the purchase, the chief executive officer owned 79,741 shares of the company’s stock, valued at $1,103,615.44. This trade represents a 1.48% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, December 15th, Ujjaval Desai bought 1,000 shares of Sound Point Meridian Capital stock. The shares were acquired at an average cost of $13.60 per share, for a total transaction of $13,600.00.
• On Wednesday, October 22nd, Ujjaval Desai purchased 8,000 shares of Sound Point Meridian Capital stock. The stock was acquired at an average price of $15.71 per share, with a total value of $125,680.00.
• On Monday, October 20th, Ujjaval Desai purchased 12,000 shares of Sound Point Meridian Capital stock. The stock was acquired at an average cost of $15.36 per share, with a total value of $184,320.00.

Sound Point Meridian Capital Stock Performance

NYSE SPMC opened at $13.61 on Thursday. The company has a market cap of $279.01 million, a PE ratio of 68.05 and a beta of 0.25. The firm’s 50 day moving average price is $15.58 and its 200-day moving average price is $17.07. Sound Point Meridian Capital, Inc. has a 52-week low of $13.06 and a 52-week high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings data on Thursday, November 13th. The company reported $0.54 EPS 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 business also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be given a $0.25 dividend. This represents a c) annualized dividend and a dividend yield of 22.0%. The ex-dividend date of this dividend is Monday, March 16th. Sound Point Meridian Capital’s payout ratio is presently 1,500.00%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SPMC. Oppenheimer set a $20.00 target price on Sound Point Meridian Capital in a research note on Monday, December 1st. Industrial Alliance Securities set a $18.50 price target on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. B. Riley cut their price objective on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Compass Point set a $20.00 target price on shares of Sound Point Meridian Capital in a research report on Tuesday, September 30th. Finally, Zacks Research lowered shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Friday, November 21st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.90.

Institutional Trading of Sound Point Meridian Capital

A number of institutional investors have recently bought and sold shares of SPMC. Kim LLC purchased a new stake in shares of Sound Point Meridian Capital during the second quarter valued at $192,821,000. Everest Management Corp. acquired a new position in shares of Sound Point Meridian Capital in the second quarter valued at about $1,303,000. Marshall Wace LLP raised 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 purchasing an additional 20,163 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital during the third quarter worth about $267,000.

About Sound Point Meridian Capital

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.