Insider Buying: Sound Point Meridian Capital (NYSE:SPMC) Director Buys $22,296.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler acquired 2,400 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average cost of $9.29 per share, for a total transaction of $22,296.00. Following the completion of the transaction, the director directly owned 12,496 shares of the company’s stock, valued at $116,087.84. The trade was a 23.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Sound Point Meridian Capital Stock Performance

Shares of NYSE:SPMC opened at $9.55 on Monday. Sound Point Meridian Capital, Inc. has a fifty-two week low of $8.36 and a fifty-two week high of $18.54. The business has a 50-day simple moving average of $9.99 and a two-hundred day simple moving average of $10.19. The firm has a market cap of $195.78 million, a price-to-earnings ratio of -1.65 and a beta of 1.15.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). The firm had revenue of $12.42 million for the quarter, compared to analysts’ expectations of $14.18 million. As a group, research analysts predict that Sound Point Meridian Capital, Inc. will post 1.04 earnings per share for the current year.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be given a $0.13 dividend. This represents a c) dividend on an annualized basis and a yield of 16.3%. The ex-dividend date of this dividend is Tuesday, December 15th. Sound Point Meridian Capital’s payout ratio is -41.52%.

Wall Street Analysts Forecast Growth

SPMC has been the topic of a number of research reports. Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. B. Riley Financial lowered their target price on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Finally, Zacks Research downgraded Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 26th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.12.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SPMC. Kim LLC purchased a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth $192,821,000. Allied Private Wealth LLC purchased a new position in Sound Point Meridian Capital during the second quarter valued at $984,000. Everest Management Corp. lifted its position in Sound Point Meridian Capital by 5.6% during the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after purchasing an additional 4,243 shares in the last quarter. Marshall Wace LLP grew its holdings in Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after purchasing an additional 20,163 shares during the period. Finally, Advisory Solutions Group LLC bought a new stake in Sound Point Meridian Capital during the second quarter valued at about $316,000.

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.