Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) Chairman Stephen Ketchum purchased 1,000 shares of Sound Point Meridian Capital stock in a transaction that occurred on Friday, February 13th. The shares were bought at an average cost of $11.40 per share, with a total value of $11,400.00. Following the completion of the transaction, the chairman directly owned 93,090 shares of the company's stock, valued at approximately $1,061,226. The trade was a 1.09% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Sound Point Meridian Capital Stock Down 2.5%

Shares of NYSE SPMC traded down $0.27 during trading hours on Wednesday, hitting $10.53. The company had a trading volume of 23,365 shares, compared to its average volume of 30,111. Sound Point Meridian Capital, Inc. has a 1-year low of $10.41 and a 1-year high of $22.30. The firm's 50 day moving average is $13.53 and its 200-day moving average is $15.69. The stock has a market capitalization of $215.83 million, a P/E ratio of -2.98 and a beta of 0.32.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last issued its earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.55 by ($0.11). The company had revenue of $17.95 million for the quarter, compared to analyst estimates 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. Stockholders 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 22.8%. The ex-dividend date of this dividend is Monday, June 15th. Sound Point Meridian Capital's dividend payout ratio is presently -84.99%.

Analyst Upgrades and Downgrades

SPMC has been the subject of several research analyst reports. Alliance Global Partners reiterated a "buy" rating on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th. Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a research note on Monday, December 1st. Compass Point set a $12.00 target price on Sound Point Meridian Capital in a report on Wednesday, February 11th. Zacks Research raised shares of Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research note on Friday, January 30th. Finally, iA Financial set a $18.50 target price on Sound Point Meridian Capital in a research report on Thursday, November 13th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $16.50.

Get Our Latest Analysis on Sound Point Meridian Capital

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds have recently added to or reduced their stakes in the business. Virtus Investment Advisers LLC grew its holdings in Sound Point Meridian Capital by 7.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company's stock worth $407,000 after acquiring an additional 2,061 shares during the last quarter. Everest Management Corp. lifted its holdings in shares of Sound Point Meridian Capital by 3.7% during the third quarter. Everest Management Corp. now owns 75,555 shares of the company's stock worth $1,311,000 after purchasing an additional 2,697 shares during the period. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital in the fourth quarter worth $189,000. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital in the third quarter valued at $267,000. Finally, Marshall Wace LLP raised its position in Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock worth $1,379,000 after purchasing an additional 20,163 shares during the last quarter.

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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