Insider Selling: Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $55,671.04 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 3,782 shares of the stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $14.72, for a total value of $55,671.04. Following the transaction, the insider owned 5,276,372 shares in the company, valued at $77,668,195.84. This trade represents a 0.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Guaranty Ltd Assured also recently made the following trade(s):

• On Wednesday, January 14th, Guaranty Ltd Assured sold 1,650 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.48, for a total transaction of $23,892.00.
• On Tuesday, January 13th, Guaranty Ltd Assured sold 165 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.50, for a total transaction of $2,392.50.
• On Monday, November 17th, Guaranty Ltd Assured sold 102 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $16.40, for a total transaction of $1,672.80.
• On Tuesday, October 28th, Guaranty Ltd Assured sold 266 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $16.69, for a total transaction of $4,439.54.
• On Monday, October 27th, Guaranty Ltd Assured sold 590 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.70, for a total transaction of $9,853.00.
• On Friday, October 24th, Guaranty Ltd Assured sold 1,882 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.64, for a total transaction of $31,316.48.

Sound Point Meridian Capital Trading Up 0.1%

Shares of Sound Point Meridian Capital stock opened at $14.07 on Friday. The firm has a market capitalization of $288.44 million, a PE ratio of 70.35 and a beta of 0.32. Sound Point Meridian Capital, Inc. has a twelve month low of $13.06 and a twelve month high of $22.30. The firm’s 50-day moving average price is $14.45 and its 200 day moving average price is $16.50.

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 Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a $0.25 dividend. This represents a c) annualized dividend and a yield of 21.3%. The ex-dividend date of this dividend is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is currently 1,500.00%.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds and other institutional investors have recently bought and sold shares of SPMC. Everest Management Corp. purchased a new position in Sound Point Meridian Capital during the second quarter worth about $1,303,000. Kim LLC acquired a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000. Marshall Wace LLP increased its holdings in shares of 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 buying an additional 20,163 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the 3rd quarter valued at approximately $267,000.

Analyst Upgrades and Downgrades

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

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.