Sound Point Meridian Capital (NYSE:SPMC) Receives Neutral Rating from B. Riley Securities

Sound Point Meridian Capital (NYSE:SPMC)‘s stock had its “neutral” rating restated by equities researchers at B. Riley Securities in a research report issued on Thursday, MarketBeat reports. They currently have a $12.00 target price on the stock, down from their prior target price of $16.00. B. Riley Securities’ price objective points to a potential upside of 3.99% from the company’s current price.

Other research analysts also recently issued reports about the company. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday. iA Financial set a $18.50 target price on Sound Point Meridian Capital in a research report on Thursday, November 13th. B. Riley Financial lowered Sound Point Meridian Capital from a “buy” rating to a “neutral” rating in a research note on Wednesday. Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a report on Monday, December 1st. Finally, Compass Point set a $12.00 price objective on shares of Sound Point Meridian Capital in a report on Wednesday. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.42.

Sound Point Meridian Capital Trading Down 10.3%

NYSE:SPMC opened at $11.54 on Thursday. Sound Point Meridian Capital has a 12-month low of $11.45 and a 12-month high of $22.30. The firm has a market cap of $236.54 million, a price-to-earnings ratio of 57.70 and a beta of 0.32. The company’s 50-day moving average is $13.83 and its two-hundred day moving average is $15.94.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.09). The firm had revenue of $17.95 million for the quarter, compared to analyst estimates of $20.45 million.

Insider Transactions at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction that occurred on 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew E. Forstenhausler acquired 4,118 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was acquired at an average cost of $13.60 per share, with a total value of $56,004.80. Following the transaction, the director directly owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. This represents a 187.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 8,480 shares of company stock valued at $115,727 and have sold 10,803 shares valued at $156,663. 0.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds and other institutional investors have recently made changes to their positions in SPMC. Kim LLC acquired a new position in shares of Sound Point Meridian Capital during the second quarter worth about $192,821,000. Everest Management Corp. purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at about $1,303,000. Marshall Wace LLP lifted 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 worth $1,379,000 after acquiring an additional 20,163 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new position in Sound Point Meridian Capital in the 3rd quarter worth approximately $267,000.

Sound Point Meridian Capital News Summary

Here are the key news stories impacting Sound Point Meridian Capital this week:

• Positive Sentiment: Board declared monthly common distributions of $0.20 per share (monthly schedule with ex-dividend dates in Apr, May and June shown), supporting a very high headline yield that may attract income-focused investors. Press Release: Distributions & Results
• Neutral Sentiment: Earnings call highlights were published summarizing management’s view on market conditions and portfolio positioning; these details can influence sentiment but did not override the EPS miss. Earnings Call Highlights
• Negative Sentiment: Q3 fiscal results showed EPS of $0.44, below consensus (reported misses: $0.44 vs. ~ $0.53–$0.55 estimates) and down from $0.62 a year ago — a clear near-term catalyst for selling pressure. Zacks: Misses Q3 Earnings MarketBeat: Earnings Report
• Negative Sentiment: B. Riley downgraded SPMC from “strong-buy” to “hold,” removing a buy-side endorsement that can reduce demand for the stock and amplify downward pressure after the earnings miss. Analyst Downgrade Note

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.