Sound Point Meridian Capital (NYSE:SPMC) Director Purchases $13,600.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler purchased 1,000 shares of the stock in a transaction dated Friday, December 19th. The shares were acquired at an average price of $13.60 per share, with a total value of $13,600.00. Following the completion of the acquisition, the director owned 7,318 shares in the company, valued at approximately $99,524.80. This trade represents a 15.83% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Sound Point Meridian Capital Trading Down 1.2%

Shares of SPMC opened at $13.49 on Monday. The company’s 50-day moving average price is $15.42 and its 200 day moving average price is $16.99. Sound Point Meridian Capital, Inc. has a 12-month low of $13.06 and a 12-month high of $22.30. The firm has a market cap of $276.44 million, a P/E ratio of 67.43 and a beta of 0.25.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results on Thursday, November 13th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.02). The business had revenue of $20.23 million for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a $0.25 dividend. This represents a c) annualized dividend and a yield of 22.2%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is 1,500.00%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SPMC shares. Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a research report on Monday, December 1st. Compass Point set a $20.00 target price on Sound Point Meridian Capital in a report on Tuesday, September 30th. Zacks Research downgraded Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. B. Riley reduced their price target on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Finally, Industrial Alliance Securities set a $18.50 price objective on shares of Sound Point Meridian Capital in a research note on Thursday, November 13th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sound Point Meridian Capital presently has a consensus rating of “Hold” and a consensus target price of $18.90.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several large investors have recently bought and sold shares of SPMC. Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the third quarter worth approximately $267,000. Everest Management Corp. acquired a new position in Sound Point Meridian Capital during the 2nd quarter worth approximately $1,303,000. Marshall Wace LLP increased 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 valued at $1,379,000 after purchasing an additional 20,163 shares during the last quarter. Finally, Kim LLC acquired a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at $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.