Stephen Ketchum Acquires 1,000 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum bought 1,000 shares of the stock in a transaction dated Friday, February 13th. The stock was bought at an average price of $11.40 per share, with a total value of $11,400.00. Following the acquisition, the chairman owned 93,090 shares in the company, valued at approximately $1,061,226. This represents a 1.09% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Sound Point Meridian Capital Price Performance

Shares of NYSE:SPMC opened at $10.33 on Friday. The firm has a market capitalization of $211.79 million, a P/E ratio of -2.93 and a beta of 0.32. The company’s fifty day moving average price is $13.46 and its 200 day moving average price is $15.65. Sound Point Meridian Capital, Inc. has a 12 month low of $10.05 and a 12 month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The business had revenue of $17.95 million for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 23.2%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is -84.99%.

Institutional Trading of Sound Point Meridian Capital

Institutional investors and hedge funds have recently bought and sold shares of the business. Thomas J. Herzfeld Advisors Inc. acquired a new position in Sound Point Meridian Capital during the fourth quarter valued at approximately $189,000. Citadel Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital in the third quarter worth $267,000. Virtus Investment Advisers LLC raised its stake in shares of Sound Point Meridian Capital by 7.5% in the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after acquiring an additional 2,061 shares during the period. Everest Management Corp. acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at $1,303,000. Finally, Marshall Wace LLP boosted its position in Sound Point Meridian Capital by 35.4% during the 2nd 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 period.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SPMC. iA Financial set a $18.50 price objective on Sound Point Meridian Capital in a report on Thursday, November 13th. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Compass Point set a $12.00 price target on Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial reaffirmed a “neutral” rating and set a $12.00 price objective (down previously from $16.00) on shares of Sound Point Meridian Capital in a research note on Thursday, February 12th. Finally, Oppenheimer set a $20.00 price objective on shares of Sound Point Meridian Capital in a report on Monday, December 1st. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $16.50.

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.