Sound Point Meridian Capital (NYSE:SPMC) Rating Increased to Hold at Zacks Research
by Amy Steele · The Cerbat GemZacks Research upgraded shares of Sound Point Meridian Capital (NYSE:SPMC – Free Report) from a strong sell rating to a hold rating in a report issued on Monday morning,Zacks.com reports.
SPMC has been the subject of a number of other reports. B. Riley Financial cut their price objective on Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a research report on Wednesday, February 11th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $16.10.
Check Out Our Latest Stock Report on Sound Point Meridian Capital
Sound Point Meridian Capital Price Performance
Shares of NYSE:SPMC traded down $0.10 during midday trading on Monday, reaching $9.97. 17,560 shares of the company’s stock were exchanged, compared to its average volume of 37,887. The firm’s 50 day simple moving average is $10.18 and its two-hundred day simple moving average is $13.41. The stock has a market cap of $204.39 million, a price-to-earnings ratio of -2.82 and a beta of 0.66. Sound Point Meridian Capital has a fifty-two week low of $8.36 and a fifty-two week high of $20.20.
Sound Point Meridian Capital (NYSE:SPMC – Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The company had revenue of $17.95 million during the quarter, compared to analysts’ expectations of $20.45 million.
Sound Point Meridian Capital Dividend Announcement
The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.20 dividend. This represents a c) annualized dividend and a yield of 24.1%. The ex-dividend date of this dividend is Monday, June 15th. Sound Point Meridian Capital’s payout ratio is currently -84.99%.
Insiders Place Their Bets
In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured sold 4,562 shares of Sound Point Meridian Capital stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total value of $65,282.22. Following the completion of the transaction, the insider directly owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. The trade was a 0.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 5,104 shares of company stock valued at $73,035. Insiders own 0.89% of the company’s stock.
Hedge Funds Weigh In On Sound Point Meridian Capital
Several institutional investors have recently bought and sold shares of SPMC. Kim LLC acquired a new position in Sound Point Meridian Capital in the 2nd quarter valued at about $192,821,000. Marshall Wace LLP grew its position 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 buying an additional 20,163 shares in the last quarter. Citadel Advisors LLC acquired a new position in shares of Sound Point Meridian Capital during the third quarter worth about $267,000. Thomas J. Herzfeld Advisors Inc. acquired a new position in shares of Sound Point Meridian Capital during the fourth quarter worth about $189,000. Finally, Everest Management Corp. grew its position 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 worth $1,097,000 after buying an additional 4,243 shares in the last quarter.
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. Sound Point Meridian Capital Inc is based in NEW YORK.