Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $65,282.22 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total transaction of $65,282.22. Following the completion of the sale, the insider directly owned 5,269,690 shares in the company, valued at approximately $75,409,263.90. The trade was a 0.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Guaranty Ltd Assured also recently made the following trade(s):

• On Friday, January 23rd, Guaranty Ltd Assured sold 305 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $14.29, for a total value of $4,358.45.
• On Wednesday, January 14th, Guaranty Ltd Assured sold 1,650 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.48, for a total transaction of $23,892.00.
• On Tuesday, January 13th, Guaranty Ltd Assured sold 165 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.50, for a total transaction of $2,392.50.
• On Monday, January 12th, Guaranty Ltd Assured sold 3,782 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.72, for a total value of $55,671.04.
• On Monday, November 17th, Guaranty Ltd Assured sold 102 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.40, for a total value of $1,672.80.

Sound Point Meridian Capital Trading Down 0.7%

NYSE SPMC traded down $0.09 on Tuesday, hitting $14.21. 15,650 shares of the company were exchanged, compared to its average volume of 22,268. Sound Point Meridian Capital, Inc. has a 1-year low of $13.06 and a 1-year high of $22.30. The company has a market cap of $291.24 million, a P/E ratio of 71.04 and a beta of 0.32. The firm has a 50 day moving average of $14.17 and a two-hundred day moving average of $16.31.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings results on Thursday, November 13th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.02). The company had revenue of $20.23 million during the quarter, compared to analyst estimates of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a dividend of $0.25 per share. This represents a c) dividend on an annualized basis and a yield of 21.1%. The ex-dividend date of this dividend is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is presently 1,500.00%.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds have recently added to or reduced their stakes in the business. Everest Management Corp. boosted its holdings in 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 during the last quarter. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital during the third quarter worth $267,000. Marshall Wace LLP grew its stake in shares of 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 buying an additional 20,163 shares during the period. Finally, Kim LLC acquired a new stake in Sound Point Meridian Capital in the second quarter valued at approximately $192,821,000.

Wall Street Analysts Forecast Growth

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

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.