Sound Point Meridian Capital (NYSE:SPMC) Chairman Buys $11,400.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were purchased at an average cost of $11.40 per share, with a total value of $11,400.00. Following the completion of the purchase, the chairman owned 93,090 shares in the company, valued at $1,061,226. This trade represents a 1.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Sound Point Meridian Capital Price Performance

Sound Point Meridian Capital stock opened at $10.20 on Friday. The firm has a market capitalization of $209.18 million, a P/E ratio of -2.89 and a beta of 0.32. Sound Point Meridian Capital, Inc. has a 1-year low of $10.05 and a 1-year high of $22.30. The company’s 50-day moving average is $13.38 and its 200 day moving average is $15.60.

Sound Point Meridian Capital (NYSE:SPMC) last released 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 during the quarter, compared to analysts’ expectations of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. B. Riley Financial reissued a “neutral” rating and set a $12.00 target price (down from $16.00) on shares of Sound Point Meridian Capital in a research note on Thursday, February 12th. Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. iA Financial set a $18.50 target price on shares of Sound Point Meridian Capital in a research note on Thursday, November 13th. 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 target on shares of Sound Point Meridian Capital in a research note on Monday, December 1st. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Sound Point Meridian Capital presently has an average rating of “Hold” and an average target price of $16.50.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Everest Management Corp. bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at about $1,303,000. Marshall Wace LLP raised its stake in 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. Kim LLC bought a new position in Sound Point Meridian Capital in the second quarter worth approximately $192,821,000. Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital during the third quarter worth $267,000. Finally, Thomas J. Herzfeld Advisors Inc. bought a new stake in Sound Point Meridian Capital during the 4th quarter valued at $189,000.

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.