Sound Point Meridian Capital (NYSE:SPMC) Director Matthew Forstenhausler Sells 2,427 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler sold 2,427 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $9.20, for a total transaction of $22,328.40. Following the sale, the director directly owned 8,496 shares of the company’s stock, valued at approximately $78,163.20. This trade represents a 22.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Sound Point Meridian Capital Price Performance

Shares of SPMC stock traded up $0.21 during mid-day trading on Friday, hitting $9.55. The company had a trading volume of 17,105 shares, compared to its average volume of 33,283. The stock’s 50 day moving average price is $10.00 and its 200-day moving average price is $10.22. Sound Point Meridian Capital, Inc. has a 52-week low of $8.36 and a 52-week high of $18.54. The company has a market capitalization of $195.78 million, a P/E ratio of -1.65 and a beta of 1.15.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Wednesday, August 12th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.06). The company had revenue of $12.42 million for the quarter, compared to the consensus estimate of $14.18 million. On average, equities research analysts expect that Sound Point Meridian Capital, Inc. will post 1.04 earnings per share for the current year.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.13 per share. This represents a c) annualized dividend and a dividend yield of 16.3%. The ex-dividend date of this dividend is Tuesday, December 15th. Sound Point Meridian Capital’s dividend payout ratio is -41.52%.

Wall Street Analysts Forecast Growth

SPMC has been the topic of a number of research analyst reports. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. Zacks Research cut Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Wednesday. Finally, B. Riley Financial reduced their price objective on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.12.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPMC. Allied Private Wealth LLC bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at approximately $984,000. Everest Management Corp. boosted its holdings in shares of Sound Point Meridian Capital by 5.6% in the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after purchasing an additional 4,243 shares during the period. Kim LLC bought a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at approximately $192,821,000. Marshall Wace LLP raised its holdings 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 buying an additional 20,163 shares during the period. Finally, Virtus Investment Advisers LLC raised its holdings 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 buying an additional 2,061 shares during the period.

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. Sound Point Meridian Capital Inc is based in NEW YORK.