Thomas J. Herzfeld Advisors Inc. Reduces Stock Position in Sound Point Meridian Capital, Inc. $SPMC

Thomas J. Herzfeld Advisors Inc. decreased its position in Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 72.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,921 shares of the company’s stock after selling 162,216 shares during the quarter. Thomas J. Herzfeld Advisors Inc.’s holdings in Sound Point Meridian Capital were worth $1,125,000 at the end of the most recent quarter.

Separately, Everest Management Corp. purchased a new stake in shares of Sound Point Meridian Capital during the second quarter worth about $1,303,000.

Insider Transactions at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, CEO Ujjaval Desai acquired 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 22nd. The shares were acquired at an average price of $15.71 per share, with a total value of $125,680.00. Following the completion of the purchase, the chief executive officer directly owned 78,579 shares of the company’s stock, valued at approximately $1,234,476.09. The trade was a 11.33% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Stephen Ketchum acquired 2,000 shares of the business’s stock in a transaction on Tuesday, October 21st. The stock was acquired at an average price of $15.31 per share, for a total transaction of $30,620.00. Following the acquisition, the chairman owned 94,090 shares of the company’s stock, valued at approximately $1,440,517.90. This trade represents a 2.17% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have acquired 28,000 shares of company stock valued at $434,270 and have sold 16,929 shares valued at $290,924. Insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

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

Sound Point Meridian Capital Stock Performance

SPMC stock opened at $14.01 on Friday. Sound Point Meridian Capital, Inc. has a fifty-two week low of $13.06 and a fifty-two week high of $22.30. The company has a market capitalization of $287.21 million, a price-to-earnings ratio of 70.05 and a beta of 0.25. The business’s 50 day moving average price is $16.20 and its two-hundred day moving average price is $17.32.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings results on Thursday, November 13th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.02). The company had revenue of $20.23 million during the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a dividend of $0.25 per share. This represents a c) dividend on an annualized basis and a dividend yield of 21.4%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s payout ratio is 1,500.00%.

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.