Sound Point Meridian Capital (NYSE:SPMC) Director Matthew Forstenhausler Purchases 1,000 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler purchased 1,000 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was bought at an average cost of $13.60 per share, for a total transaction of $13,600.00. Following the acquisition, the director directly owned 7,318 shares in the company, valued at $99,524.80. This trade represents a 15.83% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Sound Point Meridian Capital Stock Performance

NYSE SPMC traded down $0.17 on Friday, hitting $13.49. 36,389 shares of the stock traded hands, compared to its average volume of 27,506. The business’s fifty day moving average is $15.50 and its two-hundred day moving average is $17.05. Sound Point Meridian Capital, Inc. has a 12 month low of $13.06 and a 12 month high of $22.30. The firm has a market capitalization of $276.40 million, a price-to-earnings ratio of 67.43 and a beta of 0.25.

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

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a $0.25 dividend. 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 presently 1,500.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SPMC. Everest Management Corp. purchased a new stake in Sound Point Meridian Capital in the second quarter valued at approximately $1,303,000. Marshall Wace LLP increased its holdings in shares of Sound Point Meridian Capital by 35.4% in the 2nd 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 during the last quarter. Kim LLC purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at $192,821,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the 3rd quarter valued at $267,000.

Wall Street Analyst Weigh In

SPMC has been the subject of several analyst reports. Industrial Alliance Securities set a $18.50 price objective on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a research report on Monday, December 1st. B. Riley decreased their price objective on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. Compass Point set a $20.00 target price on Sound Point Meridian Capital in a research note on Tuesday, September 30th. Finally, Zacks Research cut Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $18.90.

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.