Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $23,892.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 1,650 shares of the business’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $14.48, for a total transaction of $23,892.00. Following the transaction, the insider owned 5,274,557 shares in the company, valued at $76,375,585.36. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• 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, January 12th, Guaranty Ltd Assured sold 3,782 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.72, for a total transaction of $55,671.04.
• 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 stock was 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 shares were sold at an average price of $16.64, for a total value of $31,316.48.

Sound Point Meridian Capital Stock Performance

Shares of NYSE SPMC opened at $14.07 on Friday. The business’s 50 day moving average price is $14.45 and its 200-day moving average price is $16.50. Sound Point Meridian Capital, Inc. has a fifty-two week low of $13.06 and a fifty-two week high of $22.30. The company has a market cap of $288.44 million, a price-to-earnings ratio of 70.35 and a beta of 0.32.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings data on Thursday, November 13th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The company 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 business also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders 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 dividend yield of 21.3%. Sound Point Meridian Capital’s dividend payout ratio is presently 1,500.00%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SPMC. B. Riley decreased 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. Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a research note on Monday, December 1st. Industrial Alliance Securities set a $18.50 price target on Sound Point Meridian Capital in a report on Thursday, November 13th. Compass Point set a $20.00 price objective on Sound Point Meridian Capital in a research note on Tuesday, September 30th. Finally, Zacks Research lowered Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $18.90.

Hedge Funds Weigh In On Sound Point Meridian Capital

Hedge funds and other institutional investors have recently modified their holdings of the business. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital in the third quarter worth approximately $267,000. Everest Management Corp. purchased a new position in shares of Sound Point Meridian Capital in the 2nd quarter valued at $1,303,000. Marshall Wace LLP raised its position in shares of Sound Point Meridian Capital by 35.4% in the 2nd 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 in the last quarter. Finally, Kim LLC purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth $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.