Key Points
- Matthew Forstenhausler bought 4,118 shares at an average price of $13.60 on Dec. 18 for $56,004.80, increasing his direct stake to 6,318 shares — a 187.18% position gain.
- Sound Point Meridian Capital declared a monthly dividend of $0.25 payable Mar. 31 (record Mar. 16), implying a 22.2% yield and a very high payout ratio of 1,500%.
- SPMC opened at $13.49 (1‑year range $13.06–$22.30), recently missed quarterly EPS and revenue estimates by small amounts, and holds a mixed analyst consensus of "Hold" with a $18.90 target.
Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) Director Matthew Forstenhausler purchased 1,000 shares of the business's stock in a transaction dated Friday, December 19th. The shares were purchased at an average cost of $13.60 per share, for a total transaction of $13,600.00. Following the purchase, the director directly owned 7,318 shares of the company's stock, valued at $99,524.80. This trade represents a 15.83% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Sound Point Meridian Capital Stock Down 1.2%
Sound Point Meridian Capital stock opened at $13.49 on Friday. The business's 50-day simple moving average is $15.42 and its 200 day simple moving average is $17.01. The stock has a market cap of $276.44 million, a price-to-earnings ratio of 67.43 and a beta of 0.25. Sound Point Meridian Capital, Inc. has a 12-month low of $13.06 and a 12-month high of $22.30.
Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released its earnings results on Thursday, November 13th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.56 by ($0.02). The business had revenue of $20.23 million for the quarter, compared to the consensus estimate of $20.45 million.
Sound Point Meridian Capital Dividend Announcement
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a $0.25 dividend. This represents a c) annualized dividend and a yield of 22.2%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital's dividend payout ratio is currently 1,500.00%.
Hedge Funds Weigh In On Sound Point Meridian Capital
Institutional investors and hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC acquired a new position in shares of Sound Point Meridian Capital in the 3rd quarter valued at $267,000. Everest Management Corp. bought a new position in Sound Point Meridian Capital during the second quarter worth about $1,303,000. Marshall Wace LLP lifted its holdings in Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock worth $1,379,000 after acquiring an additional 20,163 shares in the last quarter. Finally, Kim LLC acquired a new position in Sound Point Meridian Capital in the second quarter valued at about $192,821,000.
Analyst Ratings Changes
A number of analysts have commented on SPMC shares. Zacks Research lowered 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 report on Monday, December 1st. Industrial Alliance Securities set a $18.50 price objective on Sound Point Meridian Capital in a report on Thursday, November 13th. B. Riley cut their target price on Sound Point Meridian Capital from $23.00 to $16.00 and set a "buy" rating on the stock in a research note on Thursday, November 20th. Finally, Compass Point set a $20.00 target price on Sound Point Meridian Capital in a report on Tuesday, September 30th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $18.90.
Check Out Our Latest Research Report on SPMC
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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