Sound Point Meridian Capital (NYSE:SPMC) Posts Earnings Results, Misses Expectations By $0.07 EPS

Sound Point Meridian Capital (NYSE:SPMC) issued its quarterly earnings data on Wednesday. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07), Zacks reports. The firm had revenue of $12.57 million during the quarter, compared to analysts’ expectations of $17.20 million.

Sound Point Meridian Capital Stock Up 2.0%

NYSE SPMC opened at $11.18 on Friday. Sound Point Meridian Capital has a twelve month low of $8.36 and a twelve month high of $18.60. The firm has a market capitalization of $229.09 million, a PE ratio of -1.82 and a beta of 1.01. The stock’s 50 day moving average is $10.02 and its 200 day moving average is $12.07.

Sound Point Meridian Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 21.5%. Sound Point Meridian Capital’s payout ratio is currently -67.99%.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured purchased 242,718 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The shares were bought at an average cost of $24.72 per share, for a total transaction of $5,999,988.96. Following the completion of the transaction, the insider directly owned 1,002,718 shares of the company’s stock, valued at $24,787,188.96. This trade represents a 31.94% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sound Point Meridian Capital

Hedge funds have recently added to or reduced their stakes in the stock. Thomas J. Herzfeld Advisors Inc. bought a new stake in Sound Point Meridian Capital in the fourth quarter worth $189,000. Citadel Advisors LLC bought a new stake in Sound Point Meridian Capital in the third quarter worth $267,000. Virtus Investment Advisers LLC boosted its holdings in Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after acquiring an additional 2,061 shares in the last quarter. Marshall Wace LLP boosted its holdings 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 in the last quarter. Finally, Kim LLC bought a new stake in Sound Point Meridian Capital in the second quarter worth $192,821,000.

Analysts Set New Price Targets

SPMC has been the topic of a number of recent analyst reports. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a research report on Wednesday, February 11th. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday. Finally, B. Riley Financial cut their price objective on Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $16.10.

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.