Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Purchases $5,999,988.96 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured acquired 242,718 shares of the company’s stock in a transaction dated Thursday, April 30th. The stock was purchased at an average cost of $24.72 per share, for a total transaction of $5,999,988.96. Following the purchase, the insider directly owned 1,002,718 shares in the company, valued at approximately $24,787,188.96. This represents a 31.94% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Sound Point Meridian Capital Stock Performance

SPMC opened at $10.43 on Friday. Sound Point Meridian Capital, Inc. has a one year low of $8.36 and a one year high of $20.20. The stock’s fifty day moving average is $9.66 and its 200-day moving average is $12.78. The company has a market capitalization of $213.71 million, a PE ratio of -2.95 and a beta of 1.01.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The firm had revenue of $17.95 million during the quarter, compared to the consensus estimate of $20.45 million. On average, equities research analysts forecast that Sound Point Meridian Capital, Inc. will post 1.91 EPS for the current fiscal year.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.20 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 23.0%. The ex-dividend date is Monday, June 15th. Sound Point Meridian Capital’s payout ratio is presently -67.99%.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of hedge funds have recently modified their holdings of the stock. Kim LLC purchased a new position in shares of Sound Point Meridian Capital during the second quarter valued at $192,821,000. Marshall Wace LLP grew its holdings in shares of 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 in the last quarter. Citadel Advisors LLC purchased a new position in shares of Sound Point Meridian Capital during the third quarter valued at $267,000. Thomas J. Herzfeld Advisors Inc. purchased a new position in shares of Sound Point Meridian Capital during the fourth quarter valued at $189,000. Finally, Everest Management Corp. grew its holdings in shares of Sound Point Meridian Capital by 5.6% during the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after buying an additional 4,243 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SPMC. Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Compass Point set a $12.00 target price on Sound Point Meridian Capital in a report on Wednesday, February 11th. Finally, B. Riley Financial decreased their target price on Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.10.

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.