Insider Buying: Sound Point Meridian Capital (NYSE:SPMC) Director Acquires 1,000 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were acquired at an average price of $13.60 per share, for a total transaction of $13,600.00. Following the transaction, the director owned 7,318 shares in the company, valued at $99,524.80. This represents a 15.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website.

Sound Point Meridian Capital Trading Down 1.2%

SPMC stock traded down $0.17 during mid-day trading on Friday, reaching $13.49. The company’s stock had a trading volume of 36,389 shares, compared to its average volume of 27,506. Sound Point Meridian Capital, Inc. has a 12 month low of $13.06 and a 12 month high of $22.30. The business’s 50 day moving average price is $15.50 and its 200 day moving average price is $17.05. The company has a market cap of $276.40 million, a price-to-earnings ratio of 67.43 and a beta of 0.25.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Thursday, November 13th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.02). The firm had revenue of $20.23 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, March 31st. Investors of record on Monday, March 16th will be given a $0.25 dividend. This represents a c) dividend on an annualized basis and a yield of 22.2%. The ex-dividend date of this dividend is Monday, March 16th. Sound Point Meridian Capital’s payout ratio is presently 1,500.00%.

Analyst Ratings Changes

A number of equities research analysts have commented on SPMC shares. Industrial Alliance Securities set a $18.50 price objective on Sound Point Meridian Capital in a research note on Thursday, November 13th. Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a research report on Monday, December 1st. Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a research note on Tuesday, September 30th. Zacks Research lowered shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Friday, November 21st. Finally, B. Riley decreased their target price on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sound Point Meridian Capital currently has a consensus rating of “Hold” and a consensus target price of $18.90.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Everest Management Corp. purchased a new stake in Sound Point Meridian Capital in the 2nd quarter valued at about $1,303,000. Kim LLC purchased a new stake in shares of Sound Point Meridian Capital during the second quarter valued at approximately $192,821,000. Marshall Wace LLP lifted its holdings 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 acquiring an additional 20,163 shares during the period. Finally, Citadel Advisors LLC bought a new position in Sound Point Meridian Capital in the 3rd quarter valued at $267,000.

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.