Stephen Ketchum Buys 2,000 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum acquired 2,000 shares of the stock in a transaction that occurred on Tuesday, October 21st. The stock was acquired at an average cost of $15.31 per share, with a total value of $30,620.00. Following the completion of the purchase, the chairman owned 94,090 shares of the company’s stock, valued at $1,440,517.90. This trade represents a 2.17% 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.

Stephen Ketchum also recently made the following trade(s):

• On Wednesday, October 22nd, Stephen Ketchum acquired 1,000 shares of Sound Point Meridian Capital stock. The stock was acquired at an average cost of $15.60 per share, with a total value of $15,600.00.
• On Monday, October 20th, Stephen Ketchum acquired 5,000 shares of Sound Point Meridian Capital stock. The stock was acquired at an average cost of $15.61 per share, with a total value of $78,050.00.

Sound Point Meridian Capital Price Performance

NYSE:SPMC opened at $16.33 on Friday. Sound Point Meridian Capital, Inc. has a 1-year low of $15.01 and a 1-year high of $22.30. The company has a 50-day moving average of $17.51 and a 200 day moving average of $17.98. The firm has a market cap of $334.17 million, a PE ratio of 11.50 and a beta of 0.22.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.03). The company had revenue of $19.21 million for the quarter, compared to the consensus estimate of $20.72 million.

Sound Point Meridian Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a c) dividend on an annualized basis and a yield of 18.4%. Sound Point Meridian Capital’s dividend payout ratio is 211.27%.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of large investors have recently added to or reduced their stakes in SPMC. Envestnet Asset Management Inc. raised its holdings in Sound Point Meridian Capital by 8.6% in the first quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company’s stock worth $2,908,000 after purchasing an additional 11,602 shares in the last quarter. Everest Management Corp. acquired a new position in shares of Sound Point Meridian Capital during the second quarter valued at about $1,303,000. Marshall Wace LLP increased its holdings in shares of Sound Point Meridian Capital by 35.4% during the second 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 in the last quarter. Finally, Kim LLC acquired a new position in shares of Sound Point Meridian Capital during the second quarter valued at about $192,821,000.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SPMC. Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a report on Friday, July 18th. They issued a “buy” rating and a $20.00 target price for the company. Finally, Compass Point set a $20.00 target price on shares of Sound Point Meridian Capital in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $20.00.

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.