Sound Point Meridian Capital (NYSE:SPMC) Releases Earnings Results, Misses Estimates By $0.07 EPS

Sound Point Meridian Capital (NYSE:SPMC) announced its earnings results on Wednesday. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07), Zacks reports.

Sound Point Meridian Capital Stock Performance

SPMC stock opened at $10.88 on Wednesday. Sound Point Meridian Capital has a 52 week low of $8.36 and a 52 week high of $18.60. The stock has a market cap of $222.90 million, a P/E ratio of -3.08 and a beta of 1.01. The firm has a 50 day simple moving average of $9.93 and a 200 day simple moving average of $12.14.

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.20 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 22.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Sound Point Meridian Capital’s dividend payout ratio is -67.99%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SPMC. Compass Point set a $12.00 price target on Sound Point Meridian Capital in a research note on Wednesday, February 11th. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial dropped their target price on shares of Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. Finally, Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Sound Point Meridian Capital currently has a consensus rating of “Hold” and an average price target of $16.10.

Insider Transactions at Sound Point Meridian Capital

In related news, major shareholder Guaranty Ltd Assured purchased 242,718 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were acquired at an average price of $24.72 per share, for a total transaction of $5,999,988.96. Following the purchase, the insider owned 1,002,718 shares in the company, valued at approximately $24,787,188.96. This represents a 31.94% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sound Point Meridian Capital

Institutional investors and hedge funds have recently made changes to their positions in the company. Kim LLC acquired a new stake in Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000. Citadel Advisors LLC acquired a new position in Sound Point Meridian Capital in the 3rd quarter valued at $267,000. Marshall Wace LLP increased 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 buying an additional 20,163 shares during the period. Virtus Investment Advisers LLC increased its position 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 buying an additional 2,061 shares during the period. Finally, Thomas J. Herzfeld Advisors Inc. acquired a new stake in shares of Sound Point Meridian Capital during the fourth quarter worth $189,000.

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.