Sound Point Meridian Capital (NYSE:SPMC) Price Target Cut to $10.00 by Analysts at B. Riley Financial

Sound Point Meridian Capital (NYSE:SPMC) had its price objective reduced by B. Riley Financial from $12.00 to $10.00 in a research note published on Monday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently commented on SPMC. Compass Point set a $12.00 price objective on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. Zacks Research lowered Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Monday, March 2nd. Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. Finally, Oppenheimer set a $20.00 price objective on Sound Point Meridian Capital in a report on Monday, December 1st. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.10.

Sound Point Meridian Capital Stock Performance

NYSE SPMC opened at $8.90 on Monday. The stock has a market cap of $182.53 million, a price-to-earnings ratio of -2.52 and a beta of 0.69. The business has a 50 day simple moving average of $12.24 and a 200 day simple moving average of $14.66. Sound Point Meridian Capital has a 52-week low of $8.82 and a 52-week high of $21.38.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The business had revenue of $17.95 million for the quarter, compared to analysts’ expectations 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 $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 27.0%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is -84.99%.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the 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 completion of the transaction, the insider directly owned 5,269,690 shares in the company, valued at $75,409,263.90. This represents a 0.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew E. Forstenhausler acquired 4,118 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was bought at an average price of $13.60 per share, with a total value of $56,004.80. Following the acquisition, the director directly owned 6,318 shares in the company, valued at $85,924.80. This represents 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 9,318 shares of company stock worth $120,445 and sold 10,701 shares worth $154,990. 0.89% of the stock is currently owned by insiders.

Institutional Trading of Sound Point Meridian Capital

Several institutional investors and hedge funds have recently bought and sold shares of SPMC. Virtus Investment Advisers LLC boosted its position in Sound Point Meridian Capital by 7.5% during the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after purchasing an additional 2,061 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. acquired a new position in shares of Sound Point Meridian Capital during the 4th quarter worth approximately $189,000. Everest Management Corp. increased its position in shares of Sound Point Meridian Capital by 5.6% during 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 during the last quarter. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital during the 3rd quarter worth approximately $267,000. Finally, Kim LLC bought a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000.

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.