Sound Point Meridian Capital (NYSE:SPMC) Upgraded at Zacks Research

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

A number of other analysts have also recently commented on SPMC. Compass Point set a $12.00 target price on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial dropped their target price on shares of Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. Finally, Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $16.10.

Sound Point Meridian Capital Trading Down 2.5%

Shares of SPMC stock opened at $10.01 on Monday. Sound Point Meridian Capital has a 12 month low of $8.36 and a 12 month high of $20.20. The stock has a market cap of $205.10 million, a PE ratio of -2.83 and a beta of 0.66. The company’s fifty day moving average price is $10.11 and its 200-day moving average price is $13.39.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The firm had revenue of $17.95 million for the quarter, compared to analysts’ expectations of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.20 dividend. The ex-dividend date is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 24.0%. Sound Point Meridian Capital’s payout ratio is presently -84.99%.

Insider Transactions at Sound Point Meridian Capital

In related 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 value of $65,282.22. Following the transaction, the insider owned 5,269,690 shares in the company, valued at $75,409,263.90. The trade was a 0.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 5,104 shares of company stock valued at $73,035. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of hedge funds have recently bought and sold shares of the company. Virtus Investment Advisers LLC boosted its stake in Sound Point Meridian Capital by 7.5% in the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after purchasing an additional 2,061 shares in the last quarter. Everest Management Corp. boosted its stake in Sound Point Meridian Capital by 3.7% in the 3rd quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock worth $1,311,000 after purchasing an additional 2,697 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. purchased a new position in Sound Point Meridian Capital in the 4th quarter worth about $189,000. Citadel Advisors LLC purchased a new position in Sound Point Meridian Capital in the 3rd quarter worth about $267,000. Finally, Marshall Wace LLP raised 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 buying an additional 20,163 shares during the last quarter.

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.