Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) Chairman Stephen Ketchum purchased 1,000 shares of Sound Point Meridian Capital stock in a transaction that occurred on Friday, February 13th. The shares were bought at an average price of $11.40 per share, with a total value of $11,400.00. Following the transaction, the chairman owned 93,090 shares of the company's stock, valued at $1,061,226. This trade represents a 1.09% increase in their position. 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 stock opened at $10.53 on Thursday. The firm's 50-day simple moving average is $13.53 and its two-hundred day simple moving average is $15.69. Sound Point Meridian Capital, Inc. has a 52 week low of $10.41 and a 52 week high of $22.30. The firm has a market cap of $215.87 million, a price-to-earnings ratio of -2.98 and a beta of 0.32.
Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.11). The company had revenue of $17.95 million during the quarter, compared to analyst estimates of $20.45 million.
Sound Point Meridian Capital Dividend Announcement
The business also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 22.8%. Sound Point Meridian Capital's dividend payout ratio is currently -84.99%.
Institutional Trading of Sound Point Meridian Capital
Several institutional investors have recently added to or reduced their stakes in the business. Thomas J. Herzfeld Advisors Inc. purchased a new stake in Sound Point Meridian Capital during the 4th quarter valued at about $189,000. Citadel Advisors LLC bought a new stake in Sound Point Meridian Capital in the third quarter valued at approximately $267,000. Virtus Investment Advisers LLC boosted its stake in shares of Sound Point Meridian Capital by 7.5% during the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company's stock valued at $407,000 after purchasing an additional 2,061 shares during the period. Everest Management Corp. grew its holdings in shares of Sound Point Meridian Capital by 5.6% in the fourth 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 last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock worth $1,379,000 after purchasing an additional 20,163 shares during the last quarter.
Analyst Upgrades and Downgrades
SPMC has been the subject of several recent analyst reports. Compass Point set a $12.00 target price on Sound Point Meridian Capital in a research report on Wednesday, February 11th. Zacks Research raised shares of Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research note on Friday, January 30th. Alliance Global Partners reissued a "buy" rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial reaffirmed a "neutral" rating and set a $12.00 price objective (down from $16.00) on shares of Sound Point Meridian Capital in a report on Thursday, February 12th. Finally, Oppenheimer set a $20.00 target price on Sound Point Meridian Capital in a research note on Monday, December 1st. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Sound Point Meridian Capital has an average rating of "Hold" and an average target price of $16.50.
View Our Latest Stock Report on SPMC
About Sound Point Meridian Capital
(
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
