Sound Point Meridian Capital (NYSE:SPMC) Lowered to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Sound Point Meridian Capital (NYSE:SPMC) from a hold rating to a strong sell rating in a research note published on Monday,Zacks.com reports.

A number of other research analysts have also commented on SPMC. iA Financial set a $18.50 price objective on Sound Point Meridian Capital in a report on Thursday, November 13th. B. Riley Financial reissued a “neutral” rating and issued a $12.00 target price (down from $16.00) on shares of Sound Point Meridian Capital in a research report on Thursday, February 12th. Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a research note on Monday, December 1st. Finally, Compass Point set a $12.00 target price on Sound Point Meridian Capital in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating, two have assigned 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 a consensus price target of $16.50.

Sound Point Meridian Capital Stock Up 4.1%

Shares of Sound Point Meridian Capital stock opened at $11.04 on Monday. The stock has a market cap of $226.32 million, a P/E ratio of -3.13 and a beta of 0.68. Sound Point Meridian Capital has a 12-month low of $9.10 and a 12-month high of $22.30. The business’s 50 day moving average is $12.86 and its 200-day moving average is $15.15.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate 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 Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.20 per share. This represents a c) dividend on an annualized basis and a yield of 21.7%. The ex-dividend date is Monday, June 15th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is -84.99%.

Insider Activity at Sound Point Meridian Capital

In related news, Director Matthew E. Forstenhausler bought 4,118 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were acquired at an average cost of $13.60 per share, with a total value of $56,004.80. Following the completion of the purchase, the director directly owned 6,318 shares of the company’s stock, valued at $85,924.80. This trade represents a 187.18% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the firm’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the transaction, the insider directly owned 5,269,690 shares in the company, valued at approximately $75,409,263.90. This represents a 0.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders purchased 11,480 shares of company stock worth $150,127 and sold 10,701 shares worth $154,990. 0.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sound Point Meridian Capital

Institutional investors have recently added to or reduced their stakes in the company. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital during the 4th quarter valued at $189,000. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital during the 3rd quarter valued at $267,000. Virtus Investment Advisers LLC increased its stake in Sound Point Meridian Capital by 7.5% in 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 in the last quarter. Everest Management Corp. boosted its stake in Sound Point Meridian Capital by 5.6% in the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after purchasing an additional 4,243 shares during the period. Finally, Marshall Wace LLP increased its holdings 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 acquiring an additional 20,163 shares during the last quarter.

Sound Point Meridian Capital Company Profile

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.