Sound Point Meridian Capital (NYSE:SPMC) Director Matthew Forstenhausler Purchases 2,400 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler bought 2,400 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was purchased at an average cost of $9.29 per share, with a total value of $22,296.00. Following the completion of the transaction, the director owned 12,496 shares in the company, valued at $116,087.84. This represents a 23.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Sound Point Meridian Capital Stock Performance

Shares of SPMC opened at $9.55 on Friday. The stock has a market capitalization of $195.78 million, a PE ratio of -1.65 and a beta of 1.15. Sound Point Meridian Capital, Inc. has a 1 year low of $8.36 and a 1 year high of $18.54. The company’s 50-day simple moving average is $9.99 and its 200-day simple moving average is $10.21.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). The company had revenue of $12.42 million for the quarter, compared to analysts’ expectations of $14.18 million. On average, sell-side analysts predict that Sound Point Meridian Capital, Inc. will post 1.04 earnings per share for the current year.

Sound Point Meridian Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be paid a $0.13 dividend. The ex-dividend date is Tuesday, December 15th. This represents a c) annualized dividend and a dividend yield of 16.3%. Sound Point Meridian Capital’s payout ratio is -41.52%.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of institutional investors and hedge funds have recently modified their holdings of SPMC. Thomas J. Herzfeld Advisors Inc. acquired a new stake in Sound Point Meridian Capital in the fourth quarter valued at $189,000. Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital during the 3rd quarter worth about $267,000. Advisory Solutions Group LLC acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth about $316,000. Virtus Investment Advisers LLC boosted its position in shares of 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 in the last quarter. Finally, Allied Private Wealth LLC acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth about $984,000.

Analysts Set New Price Targets

Several analysts have recently issued reports on SPMC shares. Zacks Research cut Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Wednesday. B. Riley Financial cut their price target on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Sound Point Meridian Capital has a consensus rating of “Hold” and an average price target of $15.12.

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.