Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $23,892.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 1,650 shares of the stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $14.48, for a total transaction of $23,892.00. Following the sale, the insider directly owned 5,274,557 shares of the company’s stock, valued at approximately $76,375,585.36. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Tuesday, January 13th, Guaranty Ltd Assured sold 165 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $14.50, for a total transaction of $2,392.50.
• On Monday, January 12th, Guaranty Ltd Assured sold 3,782 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.72, for a total transaction of $55,671.04.
• On Monday, November 17th, Guaranty Ltd Assured sold 102 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.40, for a total transaction of $1,672.80.
• 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 shares were sold at an average price of $16.70, for a total transaction of $9,853.00.
• On Friday, October 24th, Guaranty Ltd Assured sold 1,882 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.64, for a total transaction of $31,316.48.

Sound Point Meridian Capital Price Performance

NYSE SPMC traded up $0.06 during trading hours on Wednesday, hitting $14.38. The company had a trading volume of 68,099 shares, compared to its average volume of 28,189. The firm’s 50 day moving average is $14.58 and its 200 day moving average is $16.55. Sound Point Meridian Capital, Inc. has a fifty-two week low of $13.06 and a fifty-two week high of $22.30. The company has a market capitalization of $294.69 million, a price-to-earnings ratio of 71.88 and a beta of 0.32.

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 business had revenue of $20.23 million during the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a $0.25 dividend. This represents a c) dividend on an annualized basis and a yield of 20.9%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is currently 1,500.00%.

Analysts Set New Price Targets

SPMC has been the topic of a number of recent research reports. 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. Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a report on Monday, December 1st. Compass Point set a $20.00 price objective on shares of Sound Point Meridian Capital in a report on Tuesday, September 30th. Industrial Alliance Securities set a $18.50 price objective on shares of Sound Point Meridian Capital in a research report on Thursday, November 13th. Finally, B. Riley lowered their target price on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $18.90.

Institutional Trading of Sound Point Meridian Capital

Several hedge funds and other institutional investors have recently bought and sold shares of SPMC. Everest Management Corp. raised its stake in Sound Point Meridian Capital by 3.7% during the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after buying an additional 2,697 shares in the last quarter. Citadel Advisors LLC acquired a new position in shares of Sound Point Meridian Capital in the 3rd quarter worth approximately $267,000. Marshall Wace LLP increased 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 valued at $1,379,000 after acquiring an additional 20,163 shares during the last quarter. Finally, Kim LLC acquired a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at approximately $192,821,000.

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. Sound Point Meridian Capital Inc is based in NEW YORK.