Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Guaranty Ltd Assured Sells 4,562 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total value of $65,282.22. Following the sale, the insider directly owned 5,269,690 shares in the company, valued at $75,409,263.90. The trade was a 0.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Guaranty Ltd Assured also recently made the following trade(s):

• On Friday, January 23rd, Guaranty Ltd Assured sold 305 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $14.29, for a total value of $4,358.45.
• On Wednesday, January 14th, Guaranty Ltd Assured sold 1,650 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.48, for a total value of $23,892.00.
• On Tuesday, January 13th, Guaranty Ltd Assured sold 165 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $14.50, for a total value of $2,392.50.
• On Monday, January 12th, Guaranty Ltd Assured sold 3,782 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $14.72, for a total value of $55,671.04.
• On Monday, November 17th, Guaranty Ltd Assured sold 102 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.40, for a total value of $1,672.80.

Sound Point Meridian Capital Stock Down 0.7%

NYSE SPMC opened at $14.21 on Wednesday. Sound Point Meridian Capital, Inc. has a 52 week low of $13.06 and a 52 week high of $22.30. The firm has a market capitalization of $291.20 million, a price-to-earnings ratio of 71.04 and a beta of 0.32. The company has a fifty day moving average of $14.15 and a two-hundred day moving average of $16.29.

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

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) annualized dividend and a yield of 21.1%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is presently 1,500.00%.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of institutional investors and hedge funds have recently bought and sold shares of SPMC. Everest Management Corp. purchased a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth $1,303,000. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital during the 3rd quarter worth about $267,000. Kim LLC bought a new position in Sound Point Meridian Capital during the 2nd quarter worth about $192,821,000. Finally, Marshall Wace LLP increased its position in Sound Point Meridian Capital by 35.4% during 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 period.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SPMC. Compass Point set a $20.00 price target on Sound Point Meridian Capital in a report on Tuesday, September 30th. B. Riley cut their price objective on 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. Oppenheimer set a $20.00 target price on Sound Point Meridian Capital in a research report on Monday, December 1st. 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. Finally, Industrial Alliance Securities set a $18.50 price target on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $18.90.

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.