Sound Point Meridian Capital (NYSE:SPMC) Director Purchases 2,400 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler acquired 2,400 shares of Sound Point Meridian Capital stock in a transaction that occurred on Thursday, August 27th. The shares were purchased at an average cost of $9.29 per share, with a total value of $22,296.00. Following the transaction, the director owned 12,496 shares of the company’s stock, valued at approximately $116,087.84. The trade was a 23.77% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Sound Point Meridian Capital Trading Up 2.2%

SPMC stock traded up $0.21 during mid-day trading on Friday, hitting $9.55. The stock had a trading volume of 17,105 shares, compared to its average volume of 33,283. Sound Point Meridian Capital, Inc. has a 1-year low of $8.36 and a 1-year high of $18.54. The company has a fifty day moving average of $10.00 and a 200 day moving average of $10.22. The stock has a market capitalization of $195.78 million, a price-to-earnings ratio of -1.65 and a beta of 1.15.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). The business had revenue of $12.42 million for the quarter, compared to the consensus estimate of $14.18 million. As a group, sell-side analysts expect that Sound Point Meridian Capital, Inc. will post 1.04 earnings per share for the current fiscal year.

Sound Point Meridian Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be paid a $0.13 dividend. This represents a c) annualized dividend and a dividend yield of 16.3%. The ex-dividend date of this dividend is Tuesday, December 15th. Sound Point Meridian Capital’s payout ratio is presently -41.52%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SPMC. Advisory Solutions Group LLC bought a new stake in Sound Point Meridian Capital during the second quarter valued at about $316,000. Allied Private Wealth LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter worth about $984,000. Virtus Investment Advisers LLC increased its stake in shares of Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after purchasing an additional 2,061 shares during the period. Thomas J. Herzfeld Advisors Inc. acquired a new position in shares of Sound Point Meridian Capital during the 4th quarter worth about $189,000. Finally, Everest Management Corp. lifted its position in shares of Sound Point Meridian Capital by 5.6% during the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after purchasing an additional 4,243 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts have weighed in on SPMC shares. B. Riley Financial cut their target price on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. Finally, Zacks Research lowered Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Sound Point Meridian Capital presently has a consensus rating of “Hold” and an average price target of $15.12.

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.