Sound Point Meridian Capital (NYSE:SPMC) Director Matthew Forstenhausler Purchases 1,200 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler bought 1,200 shares of Sound Point Meridian Capital stock in a transaction dated Wednesday, December 17th. The shares were acquired at an average cost of $13.70 per share, with a total value of $16,440.00. Following the completion of the purchase, the director owned 2,200 shares in the company, valued at approximately $30,140. This trade represents a 120.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock opened at $13.49 on Friday. The stock has a market capitalization of $276.44 million, a P/E ratio of 67.43 and a beta of 0.25. The company’s fifty day moving average price is $15.42 and its 200 day moving average price is $17.01. Sound Point Meridian Capital, Inc. has a 1 year low of $13.06 and a 1 year high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings data on Thursday, November 13th. The company reported $0.54 earnings per share 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 Announces Dividend

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Kim LLC purchased a new stake in shares of Sound Point Meridian Capital in the second quarter valued at about $192,821,000. Marshall Wace LLP boosted 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 purchasing an additional 20,163 shares during the last quarter. Everest Management Corp. grew its stake in shares of Sound Point Meridian Capital by 3.7% in the 3rd quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after buying an additional 2,697 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital during the 3rd quarter worth approximately $267,000.

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.