Sound Point Meridian Capital (NYSE:SPMC) CEO Ujjaval Desai Buys 1,162 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) CEO Ujjaval Desai acquired 1,162 shares of Sound Point Meridian Capital stock in a transaction on Friday, December 12th. The stock was purchased at an average price of $13.84 per share, with a total value of $16,082.08. Following the purchase, the chief executive officer owned 79,741 shares of the company’s stock, valued at $1,103,615.44. The trade was a 1.48% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Ujjaval Desai also recently made the following trade(s):

• On Monday, December 15th, Ujjaval Desai acquired 1,000 shares of Sound Point Meridian Capital stock. The stock was acquired at an average price of $13.60 per share, for a total transaction of $13,600.00.
• On Wednesday, October 22nd, Ujjaval Desai purchased 8,000 shares of Sound Point Meridian Capital stock. The shares were bought at an average cost of $15.71 per share, with a total value of $125,680.00.
• On Monday, October 20th, Ujjaval Desai purchased 12,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average price of $15.36 per share, for a total transaction of $184,320.00.

Sound Point Meridian Capital Price Performance

NYSE SPMC traded down $0.06 on Tuesday, hitting $13.53. 50,321 shares of the company’s stock were exchanged, compared to its average volume of 30,531. Sound Point Meridian Capital, Inc. has a fifty-two week low of $13.06 and a fifty-two week high of $22.30. The firm has a market cap of $277.26 million, a price-to-earnings ratio of 67.63 and a beta of 0.25. The firm’s 50-day moving average price is $15.67 and its two-hundred day moving average price is $17.10.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results on Thursday, November 13th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The business had revenue of $20.23 million for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, March 16th. This represents a c) annualized dividend and a dividend yield of 22.2%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is 1,500.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SPMC. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital during the third quarter worth $267,000. Everest Management Corp. bought a new stake in Sound Point Meridian Capital in the second quarter valued at $1,303,000. Marshall Wace LLP boosted its holdings in shares of Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after acquiring an additional 20,163 shares during the period. Finally, Kim LLC bought a new position in shares of Sound Point Meridian Capital during the second quarter worth about $192,821,000.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SPMC. Industrial Alliance Securities set a $18.50 price objective on Sound Point Meridian Capital in a research report on Thursday, November 13th. B. Riley reduced their target price on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Zacks Research downgraded shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. Compass Point set a $20.00 price objective on shares of Sound Point Meridian Capital in a research note on Tuesday, September 30th. Finally, Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a research note on Monday, December 1st. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $18.90.

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.