Sound Point Meridian Capital (NYSE:SPMC) Director Buys $16,440.00 in Stock

by · The Cerbat Gem

Sound Point Meridian Capital, Inc. (NYSE:SPMC – Get Free Report) Director Matthew Forstenhausler acquired 1,200 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was acquired at an average price of $13.70 per share, with a total value of $16,440.00. Following the acquisition, the director owned 2,200 shares in the company, valued at $30,140. The trade was a 120.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Sound Point Meridian Capital Stock Performance

Shares of SPMC stock traded down $0.17 during trading hours on Friday, reaching $13.49. The company had a trading volume of 36,389 shares, compared to its average volume of 27,506. Sound Point Meridian Capital, Inc. has a 12-month low of $13.06 and a 12-month high of $22.30. The stock has a fifty day moving average of $15.50 and a 200-day moving average of $17.05. The company has a market capitalization of $276.40 million, a price-to-earnings ratio of 67.43 and a beta of 0.25.

Sound Point Meridian Capital (NYSE:SPMC – Get Free Report) last issued its earnings results on Thursday, November 13th. The company reported $0.54 EPS 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 firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a $0.25 dividend. This represents a c) annualized dividend and a yield of 22.2%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is presently 1,500.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Compass Point set a $20.00 price target on Sound Point Meridian Capital in a research note on Tuesday, September 30th. Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a research note on Monday, December 1st. Industrial Alliance Securities set a $18.50 price target on shares of Sound Point Meridian Capital in a research report on Thursday, November 13th. B. Riley decreased their price objective on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Finally, Zacks Research cut shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $18.90.

Check Out Our Latest Research Report on Sound Point Meridian Capital

Institutional Trading of Sound Point Meridian Capital

A number of large investors have recently modified their holdings of the stock. Everest Management Corp. raised its stake in shares of Sound Point Meridian Capital by 3.7% in the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after acquiring an additional 2,697 shares in the last quarter. Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital during the 3rd quarter worth about $267,000. Marshall Wace LLP raised its position 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 in the last quarter. Finally, Kim LLC acquired a new stake in Sound Point Meridian Capital in the 2nd quarter valued at about $192,821,000.

Sound Point Meridian Capital Company Profile

(Get Free Report)

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.

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