Insider Selling: Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $60,612.02 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 3,409 shares of the firm’s stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $17.78, for a total value of $60,612.02. Following the completion of the transaction, the insider owned 5,293,674 shares of the company’s stock, valued at approximately $94,121,523.72. This represents a 0.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Guaranty Ltd Assured also recently made the following trade(s):

• On Tuesday, October 14th, Guaranty Ltd Assured sold 1,227 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $17.38, for a total value of $21,325.26.
• On Monday, October 13th, Guaranty Ltd Assured sold 3,195 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $17.51, for a total value of $55,944.45.

Sound Point Meridian Capital Stock Down 3.4%

SPMC stock opened at $16.33 on Friday. The business has a 50 day moving average price of $17.76 and a two-hundred day moving average price of $18.10. The company has a market cap of $334.28 million, a price-to-earnings ratio of 11.50 and a beta of 0.22. Sound Point Meridian Capital, Inc. has a twelve month low of $16.00 and a twelve month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.03). The firm had revenue of $19.21 million during the quarter, compared to the consensus estimate of $20.72 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a $0.25 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 18.4%. The ex-dividend date of this dividend is Friday, November 14th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is presently 211.27%.

Wall Street Analyst Weigh In

SPMC has been the subject of several research reports. Compass Point set a $20.00 price target on Sound Point Meridian Capital in a report on Tuesday, September 30th. Alliance Global Partners initiated coverage on Sound Point Meridian Capital in a report on Friday, July 18th. They set a “buy” rating and a $20.00 price target for the company. Finally, Zacks Research raised Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $20.00.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPMC. Everest Management Corp. acquired a new position in Sound Point Meridian Capital in the 2nd quarter valued at $1,303,000. Marshall Wace LLP raised its holdings in Sound Point Meridian Capital by 35.4% in the 2nd 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 in the last quarter. Envestnet Asset Management Inc. raised its holdings in Sound Point Meridian Capital by 8.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company’s stock valued at $2,908,000 after acquiring an additional 11,602 shares in the last quarter. Finally, Kim LLC acquired a new position in Sound Point Meridian Capital in the 2nd quarter valued at $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.