Sound Point Meridian Capital (NYSE:SPMC) Announces Earnings Results

Sound Point Meridian Capital (NYSE:SPMC) announced its quarterly earnings data on Thursday. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.02), Zacks reports. The firm had revenue of $20.23 million during the quarter, compared to analyst estimates of $20.45 million.

Sound Point Meridian Capital Stock Down 0.9%

NYSE SPMC traded down $0.16 during trading hours on Friday, hitting $16.49. 13,198 shares of the stock were exchanged, compared to its average volume of 26,974. The company has a market cap of $337.45 million, a price-to-earnings ratio of 11.61 and a beta of 0.20. The stock has a 50-day moving average of $17.11 and a 200 day moving average of $17.79. Sound Point Meridian Capital has a 12-month low of $15.01 and a 12-month high of $22.30.

Sound Point Meridian Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a dividend of $0.25 per share. This represents a c) annualized dividend and a yield of 18.2%. The ex-dividend date of this dividend is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is currently 211.27%.

Insider Buying and Selling at Sound Point Meridian Capital

In related news, CEO Ujjaval Desai purchased 8,000 shares of the business’s stock in a transaction dated Wednesday, October 22nd. The stock was acquired at an average price of $15.71 per share, for a total transaction of $125,680.00. Following the acquisition, the chief executive officer directly owned 78,579 shares of the company’s stock, valued at $1,234,476.09. This trade represents a 11.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Guaranty Ltd Assured sold 1,882 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $16.64, for a total transaction of $31,316.48. Following the sale, the insider directly owned 5,281,112 shares in the company, valued at approximately $87,877,703.68. This represents a 0.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders acquired 28,000 shares of company stock valued at $434,270 and sold 16,827 shares valued at $289,251.

Institutional Investors Weigh In On Sound Point Meridian Capital

A hedge fund recently bought a new stake in Sound Point Meridian Capital stock. Kim LLC purchased a new position in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,784,192 shares of the company’s stock, valued at approximately $192,821,000. Sound Point Meridian Capital comprises approximately 18.3% of Kim LLC’s holdings, making the stock its biggest position. Kim LLC owned approximately 53.31% of Sound Point Meridian Capital at the end of the most recent quarter.

Analyst Ratings Changes

Several research analysts have recently issued reports on SPMC shares. Industrial Alliance Securities set a $18.50 target price on shares of Sound Point Meridian Capital in a report on Thursday. Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a research note on Friday, July 18th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Compass Point set a $20.00 price objective on Sound Point Meridian Capital in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Sound Point Meridian Capital currently has a consensus rating of “Buy” and an average price target of $19.50.

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.