Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) major shareholder Guaranty Ltd Assured acquired 242,718 shares of the business's stock in a transaction that occurred on Thursday, April 30th. The stock was bought at an average cost of $24.72 per share, for a total transaction of $5,999,988.96. Following the completion of the purchase, the insider owned 1,002,718 shares of the company's stock, valued at $24,787,188.96. This trade represents a 31.94% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.
Sound Point Meridian Capital Price Performance
Sound Point Meridian Capital stock opened at $10.08 on Friday. The stock's 50 day moving average is $9.66 and its 200 day moving average is $12.81. The firm has a market cap of $206.64 million, a P/E ratio of -2.86 and a beta of 0.66. Sound Point Meridian Capital, Inc. has a one year low of $8.36 and a one year high of $20.20.
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 analysts' consensus estimates of $0.55 by ($0.11). The company had revenue of $17.95 million during the quarter, compared to the consensus estimate of $20.45 million. Equities analysts anticipate that Sound Point Meridian Capital, Inc. will post 1.91 earnings per share for the current fiscal year.
Sound Point Meridian Capital Dividend Announcement
The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) annualized dividend and a yield of 23.8%. Sound Point Meridian Capital's payout ratio is -67.99%.
Hedge Funds Weigh In On Sound Point Meridian Capital
Several institutional investors have recently added to or reduced their stakes in the business. Virtus Investment Advisers LLC lifted its stake in Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company's stock valued at $407,000 after buying an additional 2,061 shares during the period. Thomas J. Herzfeld Advisors Inc. acquired a new position in Sound Point Meridian Capital in the fourth quarter valued at approximately $189,000. Everest Management Corp. lifted its stake in Sound Point Meridian Capital by 5.6% in the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company's stock valued at $1,097,000 after buying an additional 4,243 shares during the period. Citadel Advisors LLC acquired a new position in shares of Sound Point Meridian Capital during the third quarter worth approximately $267,000. Finally, Kim LLC acquired a new position in shares of Sound Point Meridian Capital during the second quarter worth approximately $192,821,000.
Wall Street Analyst Weigh In
SPMC has been the topic of several recent analyst reports. Compass Point set a $12.00 price target on Sound Point Meridian Capital in a research note on Wednesday, February 11th. Zacks Research raised Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. B. Riley Financial dropped their price target on Sound Point Meridian Capital from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Monday, March 16th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $16.10.
Check Out Our Latest Stock Report on Sound Point Meridian Capital
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.
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