Sound Point Meridian Capital (NYSE:SPMC) Issues Earnings Results, Misses Estimates By $0.07 EPS

Sound Point Meridian Capital (NYSE:SPMC) posted its earnings results on Wednesday. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.07), Zacks reports.

Sound Point Meridian Capital Price Performance

Shares of SPMC stock traded down $0.09 on Wednesday, reaching $10.88. 884 shares of the company were exchanged, compared to its average volume of 36,212. The company has a market cap of $222.90 million, a price-to-earnings ratio of -3.08 and a beta of 1.01. The company has a 50-day moving average of $9.93 and a 200-day moving average of $12.14. Sound Point Meridian Capital has a one year low of $8.36 and a one year high of $18.60.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 22.1%. Sound Point Meridian Capital’s dividend payout ratio is currently -67.99%.

Analyst Ratings Changes

Several brokerages recently weighed in on SPMC. Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th. Zacks Research raised Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a research report on Wednesday, February 11th. Finally, B. Riley Financial reduced their target price on Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Sound Point Meridian Capital presently has an average rating of “Hold” and an average price target of $16.10.

Insider Transactions at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured acquired 242,718 shares of Sound Point Meridian Capital stock in a transaction on Thursday, April 30th. The stock was purchased at an average price of $24.72 per share, with a total value of $5,999,988.96. Following the completion of the purchase, the insider owned 1,002,718 shares of the company’s stock, valued at approximately $24,787,188.96. The trade was a 31.94% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital during the fourth quarter worth about $189,000. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital in the 3rd quarter valued at about $267,000. Virtus Investment Advisers LLC boosted its stake in Sound Point Meridian Capital by 7.5% during the 4th 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. Marshall Wace LLP boosted its stake 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 last quarter. Finally, Kim LLC bought a new stake in Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000.

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.