Ujjaval Desai Acquires 12,000 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) CEO Ujjaval Desai bought 12,000 shares of the company’s stock in a transaction on Monday, October 20th. The stock was bought at an average price of $15.36 per share, for a total transaction of $184,320.00. Following the completion of the purchase, the chief executive officer directly owned 70,579 shares in the company, valued at approximately $1,084,093.44. This represents a 20.49% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Ujjaval Desai also recently made the following trade(s):

• On Wednesday, October 22nd, Ujjaval Desai bought 8,000 shares of Sound Point Meridian Capital stock. The stock was bought at an average price of $15.71 per share, for a total transaction of $125,680.00.

Sound Point Meridian Capital Price Performance

Shares of SPMC stock opened at $16.33 on Friday. The company has a market capitalization of $334.17 million, a P/E ratio of 11.50 and a beta of 0.22. The company’s 50-day simple moving average is $17.51 and its two-hundred day simple moving average is $17.98. Sound Point Meridian Capital, Inc. has a one year low of $15.01 and a one year high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings results on Tuesday, August 12th. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate 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 Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a $0.25 dividend. This represents a c) annualized dividend and a dividend yield of 18.4%. The ex-dividend date of this dividend is Friday, November 14th. Sound Point Meridian Capital’s dividend payout ratio is presently 211.27%.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Kim LLC purchased a new stake in Sound Point Meridian Capital during the second quarter valued at approximately $192,821,000. Envestnet Asset Management Inc. grew its stake in shares of 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 worth $2,908,000 after acquiring an additional 11,602 shares during the last quarter. Marshall Wace LLP grew its stake 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 worth $1,379,000 after acquiring an additional 20,163 shares during the last quarter. Finally, Everest Management Corp. purchased a new stake in shares of Sound Point Meridian Capital during the second quarter worth about $1,303,000.

Analyst Ratings Changes

Several brokerages have recently weighed in on SPMC. Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a research report on Tuesday, September 30th. Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a research report on Friday, July 18th. They issued a “buy” rating and a $20.00 price target for the company. Finally, Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $20.00.

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.