Matthew Forstenhausler Purchases 1,200 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler bought 1,200 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was bought at an average price of $13.70 per share, for a total transaction of $16,440.00. Following the transaction, the director owned 2,200 shares of the company’s stock, valued at approximately $30,140. This trade represents a 120.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Sound Point Meridian Capital Trading Down 1.2%

Shares of Sound Point Meridian Capital stock opened at $13.49 on Friday. Sound Point Meridian Capital, Inc. has a twelve month low of $13.06 and a twelve month high of $22.30. The firm has a market capitalization of $276.44 million, a PE ratio of 67.43 and a beta of 0.25. The firm’s 50-day moving average price is $15.42 and its 200 day moving average price is $17.00.

Sound Point Meridian Capital (NYSE:SPMC) last posted 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 business had revenue of $20.23 million during the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a $0.25 dividend. The ex-dividend date is Monday, March 16th. This represents a c) dividend on an annualized basis and a yield of 22.2%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is presently 1,500.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Compass Point set a $20.00 target price on shares of Sound Point Meridian Capital in a research report on Tuesday, September 30th. B. Riley cut 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. Industrial Alliance Securities set a $18.50 target price on shares of Sound Point Meridian Capital in a research note on Thursday, November 13th. Zacks Research cut Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Friday, November 21st. Finally, Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a report on Monday, December 1st. Two research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $18.90.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of institutional investors have recently bought and sold shares of SPMC. Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital in the 3rd quarter valued at approximately $267,000. Everest Management Corp. acquired a new position in Sound Point Meridian Capital in the second quarter valued at approximately $1,303,000. Marshall Wace LLP grew its position in Sound Point Meridian Capital by 35.4% in 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, Kim LLC purchased a new position in Sound Point Meridian Capital in the second quarter worth approximately $192,821,000.

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.