Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $55,671.04 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 3,782 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $14.72, for a total value of $55,671.04. Following the completion of the sale, the insider directly owned 5,276,372 shares in the company, valued at approximately $77,668,195.84. This represents a 0.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, January 14th, Guaranty Ltd Assured sold 1,650 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.48, for a total transaction of $23,892.00.
• 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, 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 value 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 value of $4,439.54.
• On Monday, October 27th, Guaranty Ltd Assured sold 590 shares of Sound Point Meridian Capital stock. The stock was 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 shares were sold at an average price of $16.64, for a total transaction of $31,316.48.

Sound Point Meridian Capital Price Performance

Shares of NYSE SPMC traded up $0.06 during midday trading on Wednesday, hitting $14.38. The stock had a trading volume of 68,099 shares, compared to its average volume of 28,189. The firm has a market cap of $294.69 million, a P/E ratio of 71.88 and a beta of 0.32. 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’s 50-day simple moving average is $14.58 and its 200 day simple moving average is $16.55.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings results 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 analyst estimates of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) dividend on an annualized basis and a dividend yield of 20.9%. Sound Point Meridian Capital’s payout ratio is 1,500.00%.

Institutional Trading of Sound Point Meridian Capital

A number of hedge funds have recently made changes to their positions in SPMC. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital during the 3rd quarter valued at $267,000. Everest Management Corp. raised its stake in Sound Point Meridian Capital by 3.7% in the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after purchasing an additional 2,697 shares in the last quarter. Kim LLC bought a new stake in Sound Point Meridian Capital during the second quarter worth about $192,821,000. Finally, Marshall Wace LLP grew its stake in Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after buying an additional 20,163 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have issued reports on SPMC. Industrial Alliance Securities set a $18.50 target price on Sound Point Meridian Capital in a report on Thursday, November 13th. Compass Point set a $20.00 price objective on shares of Sound Point Meridian Capital in a research note on Tuesday, September 30th. B. Riley decreased their price objective on shares of 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. Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a 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 report on Friday, November 21st. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently 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. Sound Point Meridian Capital Inc is based in NEW YORK.