Sound Point Meridian Capital (NYSE:SPMC) Director Purchases $23,000.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler bought 2,000 shares of the stock in a transaction dated Friday, February 13th. The shares were acquired at an average price of $11.50 per share, for a total transaction of $23,000.00. Following the completion of the purchase, the director directly owned 9,644 shares in the company, valued at approximately $110,906. This trade represents a 26.16% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Sound Point Meridian Capital Stock Performance

SPMC opened at $10.20 on Friday. The firm has a market cap of $209.18 million, a P/E ratio of -2.89 and a beta of 0.32. The firm has a 50-day moving average of $13.38 and a 200 day moving average of $15.60. Sound Point Meridian Capital, Inc. has a fifty-two week low of $10.05 and a fifty-two week high of $22.30.

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

Sound Point Meridian Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.20 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 23.5%. The ex-dividend date of this dividend is Monday, June 15th. Sound Point Meridian Capital’s payout ratio is -84.99%.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of large investors have recently made changes to their positions in SPMC. Virtus Investment Advisers LLC grew its position in shares of 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 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 during the period. Thomas J. Herzfeld Advisors Inc. purchased a new position in Sound Point Meridian Capital during the 4th quarter valued at about $189,000. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital during the third quarter valued at about $267,000. Finally, Marshall Wace LLP lifted its holdings in shares of Sound Point Meridian Capital by 35.4% in the second 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 in the last quarter.

Analyst Ratings Changes

SPMC has been the subject of a number of recent research reports. B. Riley Financial reissued a “neutral” rating and issued a $12.00 target price (down from $16.00) on shares of Sound Point Meridian Capital in a research report on Thursday, February 12th. Zacks Research raised Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Oppenheimer set a $20.00 price objective on Sound Point Meridian Capital in a report on Monday, December 1st. Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a research note on Wednesday, February 11th. Finally, iA Financial set a $18.50 price objective on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Sound Point Meridian Capital presently has a consensus rating of “Hold” and an average target price of $16.50.

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.