Sound Point Meridian Capital (NYSE:SPMC) Director Matthew Forstenhausler Acquires 2,000 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler purchased 2,000 shares of the stock in a transaction dated Friday, February 13th. The stock was acquired at an average price of $11.50 per share, for a total transaction of $23,000.00. Following the completion of the transaction, the director directly owned 9,644 shares of the company’s stock, valued at approximately $110,906. The trade was a 26.16% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Sound Point Meridian Capital Price Performance

Shares of SPMC opened at $10.53 on Thursday. Sound Point Meridian Capital, Inc. has a 1-year low of $10.41 and a 1-year high of $22.30. The stock has a market cap of $215.87 million, a price-to-earnings ratio of -2.98 and a beta of 0.32. The firm has a 50 day simple moving average of $13.53 and a 200-day simple moving average of $15.69.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The business had revenue of $17.95 million during the quarter, compared to analysts’ expectations of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.20 per share. This represents a c) annualized dividend and a dividend yield of 22.8%. The ex-dividend date of this dividend is Monday, June 15th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is currently -84.99%.

Analysts Set New Price Targets

SPMC has been the topic of a number of recent analyst reports. B. Riley Financial reissued a “neutral” rating and set a $12.00 price target (down previously from $16.00) on shares of Sound Point Meridian Capital in a research note on Thursday, February 12th. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. iA Financial set a $18.50 price target on Sound Point Meridian Capital in a research note on Thursday, November 13th. Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a report on Monday, December 1st. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.50.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of large investors have recently modified their holdings of the company. Kim LLC purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth about $192,821,000. Everest Management Corp. purchased a new stake in Sound Point Meridian Capital during the second quarter worth approximately $1,303,000. Marshall Wace LLP increased its position in shares of 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. Citadel Advisors LLC purchased a new position in shares of Sound Point Meridian Capital in the 3rd quarter valued at $267,000. Finally, Thomas J. Herzfeld Advisors Inc. acquired a new position in shares of Sound Point Meridian Capital during the 4th quarter valued at $189,000.

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.