Sound Point Meridian Capital (NYSE:SPMC) Director Buys $16,440.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler purchased 1,200 shares of Sound Point Meridian Capital stock in a transaction on Wednesday, December 17th. The stock was bought at an average price of $13.70 per share, for a total transaction of $16,440.00. Following the completion of the acquisition, the director owned 2,200 shares in the company, valued at $30,140. The trade was a 120.00% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Sound Point Meridian Capital Stock Down 1.2%

SPMC opened at $13.49 on Monday. The company has a market capitalization of $276.44 million, a PE ratio of 67.43 and a beta of 0.25. The firm has a 50-day simple moving average of $15.42 and a two-hundred day simple moving average of $16.99. Sound Point Meridian Capital, Inc. has a 52 week low of $13.06 and a 52 week high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Thursday, November 13th. The company reported $0.54 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 Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) dividend on an annualized basis and a yield of 22.2%. Sound Point Meridian Capital’s dividend payout ratio is presently 1,500.00%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SPMC. Kim LLC bought a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000. Marshall Wace LLP lifted its position in shares of Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares during the last quarter. Everest Management Corp. boosted its stake in shares of Sound Point Meridian Capital by 3.7% during the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after purchasing an additional 2,697 shares during the period. Finally, Citadel Advisors LLC bought a new position in shares of Sound Point Meridian Capital in the third quarter worth about $267,000.

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.