Sound Point Meridian Capital (NYSE:SPMC) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Sound Point Meridian Capital (NYSE:SPMC) from a hold rating to a strong sell rating in a report issued on Monday morning,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Compass Point set a $12.00 price objective on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. iA Financial set a $18.50 price target on Sound Point Meridian Capital in a report on Thursday, November 13th. Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th. B. Riley Financial reaffirmed a “neutral” rating and set a $12.00 target price (down from $16.00) on shares of Sound Point Meridian Capital in a research report on Thursday, February 12th. Finally, Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a research note on Monday, December 1st. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sound Point Meridian Capital currently has an average rating of “Hold” and a consensus price target of $16.50.

Sound Point Meridian Capital Stock Down 1.4%

Shares of Sound Point Meridian Capital stock opened at $10.89 on Monday. The stock’s fifty day moving average is $12.81 and its two-hundred day moving average is $15.12. Sound Point Meridian Capital has a 52 week low of $9.10 and a 52 week high of $22.30. The company has a market capitalization of $223.25 million, a PE ratio of -3.08 and a beta of 0.68.

Sound Point Meridian Capital (NYSE:SPMC) last released its 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 analyst estimates of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.20 per share. This represents a c) annualized dividend and a yield of 22.0%. The ex-dividend date of this dividend is Monday, June 15th. Sound Point Meridian Capital’s dividend payout ratio is currently -84.99%.

Insider Transactions at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total transaction of $65,282.22. Following the transaction, the insider owned 5,269,690 shares in the company, valued at $75,409,263.90. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matthew E. Forstenhausler acquired 4,118 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was bought at an average cost of $13.60 per share, with a total value of $56,004.80. Following the completion of the transaction, the director directly owned 6,318 shares in the company, valued at $85,924.80. The trade was a 187.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 11,480 shares of company stock valued at $150,127 and sold 10,701 shares valued at $154,990. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds have recently added to or reduced their stakes in the business. Thomas J. Herzfeld Advisors Inc. acquired a new stake in Sound Point Meridian Capital during the 4th quarter worth about $189,000. Citadel Advisors LLC purchased a new position in Sound Point Meridian Capital during the third quarter valued at approximately $267,000. Virtus Investment Advisers LLC lifted its holdings in Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after acquiring an additional 2,061 shares during the period. Everest Management Corp. boosted its position in Sound Point Meridian Capital by 5.6% in the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after purchasing an additional 4,243 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in Sound Point Meridian Capital by 35.4% in the 2nd 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 in the last quarter.

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.