Analysts Set Sound Point Meridian Capital, Inc. (NYSE:SPMC) Price Target at $16.42

Shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) have been assigned an average recommendation of “Hold” from the six ratings firms that are covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $16.4167.

Several research firms have issued reports on SPMC. Compass Point set a $12.00 target price on Sound Point Meridian Capital in a research report on Wednesday. B. Riley Financial lowered Sound Point Meridian Capital from a “buy” rating to a “neutral” rating in a report on Wednesday. B.Riley Securit cut shares of Sound Point Meridian Capital from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. B. Riley Securities reiterated a “neutral” rating and issued a $12.00 target price (down from $16.00) on shares of Sound Point Meridian Capital in a research note on Thursday. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday.

Insider Activity

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total transaction of $65,282.22. Following the completion of the transaction, the insider owned 5,269,690 shares of the company’s stock, valued at approximately $75,409,263.90. The trade was a 0.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew E. Forstenhausler acquired 4,118 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were acquired at an average cost of $13.60 per share, with a total value of $56,004.80. Following the acquisition, the director directly owned 6,318 shares of the company’s stock, valued at $85,924.80. This represents a 187.18% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 8,480 shares of company stock worth $115,727 and sold 10,803 shares worth $156,663. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SPMC. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital in the 4th quarter worth approximately $189,000. Citadel Advisors LLC bought a new stake in Sound Point Meridian Capital in the third quarter worth $267,000. Everest Management Corp. bought a new stake in Sound Point Meridian Capital in the second quarter worth $1,303,000. Marshall Wace LLP boosted its position 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 buying an additional 20,163 shares during the period. Finally, Kim LLC bought a new position in shares of Sound Point Meridian Capital during the second quarter valued at about $192,821,000.

Sound Point Meridian Capital Stock Performance

Shares of SPMC opened at $11.03 on Thursday. The firm has a market cap of $226.05 million, a PE ratio of -3.12 and a beta of 0.32. The business’s 50 day moving average price is $13.73 and its two-hundred day moving average price is $15.84. Sound Point Meridian Capital has a 52-week low of $10.91 and a 52-week high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.11). The firm had revenue of $17.95 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, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 21.8%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is presently 1,500.00%.

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.