Sound Point Meridian Capital (NYSE:SPMC) Chairman Purchases $78,050.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum bought 5,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $15.61 per share, with a total value of $78,050.00. Following the completion of the acquisition, the chairman directly owned 92,090 shares of the company’s stock, valued at approximately $1,437,524.90. The trade was a 5.74% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Stephen Ketchum also recently made the following trade(s):

• On Wednesday, October 22nd, Stephen Ketchum bought 1,000 shares of Sound Point Meridian Capital stock. The stock was purchased at an average cost of $15.60 per share, with a total value of $15,600.00.
• On Tuesday, October 21st, Stephen Ketchum purchased 2,000 shares of Sound Point Meridian Capital stock. The stock was bought at an average price of $15.31 per share, with a total value of $30,620.00.

Sound Point Meridian Capital Stock Up 1.4%

Shares of SPMC stock opened at $16.60 on Friday. The company has a 50 day moving average price of $17.48 and a 200-day moving average price of $17.97. Sound Point Meridian Capital, Inc. has a 52 week low of $15.01 and a 52 week high of $22.30. The firm has a market capitalization of $339.80 million, a PE ratio of 11.69 and a beta of 0.22.

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

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.25 dividend. The ex-dividend date is Friday, November 14th. This represents a c) dividend on an annualized basis and a dividend yield of 18.1%. Sound Point Meridian Capital’s payout ratio is currently 211.27%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SPMC shares. Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a research note on Tuesday, September 30th. Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Finally, Alliance Global Partners started 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 target for the company. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $20.00.

Institutional Trading of Sound Point Meridian Capital

Several large investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. grew its position in Sound Point Meridian Capital by 8.6% during the first quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company’s stock valued at $2,908,000 after buying an additional 11,602 shares during the period. Marshall Wace LLP grew its position in 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 buying an additional 20,163 shares during the period. Everest Management Corp. bought a new stake in Sound Point Meridian Capital during the second quarter valued at approximately $1,303,000. Finally, Kim LLC bought a new stake in Sound Point Meridian Capital during the second quarter valued at approximately $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.