Key Points
- Director Matthew Forstenhausler bought 2,400 SPMC shares at an average price of $9.29, investing $22,296 and increasing his direct holdings by 23.77% to 12,496 shares.
- Sound Point Meridian Capital recently missed quarterly expectations, reporting $0.24 in EPS versus a $0.30 consensus estimate and revenue of $12.42 million versus $14.18 million expected.
- The company declared a monthly dividend of $0.13 per share, representing an annualized yield of approximately 16.3%; analysts maintain a consensus “Hold” rating, with an average price target of $15.12.
Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) Director Matthew Forstenhausler acquired 2,400 shares of Sound Point Meridian Capital stock in a transaction dated Thursday, August 27th. The shares were bought at an average price of $9.29 per share, with a total value of $22,296.00. Following the transaction, the director directly owned 12,496 shares in the company, valued at approximately $116,087.84. The trade was a 23.77% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Sound Point Meridian Capital Trading Up 2.2%
Shares of Sound Point Meridian Capital stock opened at $9.55 on Friday. The company has a fifty day simple moving average of $9.99 and a 200-day simple moving average of $10.21. Sound Point Meridian Capital, Inc. has a 12-month low of $8.36 and a 12-month high of $18.54. The stock has a market cap of $195.78 million, a price-to-earnings ratio of -1.65 and a beta of 1.15.
Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing the consensus estimate 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, analysts forecast that Sound Point Meridian Capital, Inc. will post 1.04 earnings per share for the current fiscal year.
Sound Point Meridian Capital Announces Dividend
The company also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a c) annualized dividend and a dividend yield of 16.3%. Sound Point Meridian Capital's dividend payout ratio (DPR) is presently -41.52%.
Institutional Trading of Sound Point Meridian Capital
A number of large investors have recently bought and sold shares of the business. Thomas J. Herzfeld Advisors Inc. purchased a new position in Sound Point Meridian Capital during the 4th quarter worth $189,000. Citadel Advisors LLC acquired a new position in Sound Point Meridian Capital in the third quarter valued at $267,000. Virtus Investment Advisers LLC raised its holdings in shares of 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 last quarter. Advisory Solutions Group LLC purchased a new stake in shares of Sound Point Meridian Capital in the second quarter valued at about $316,000. Finally, Marshall Wace LLP boosted its stake in shares of 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 buying an additional 20,163 shares during the period.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on SPMC. Zacks Research cut Sound Point Meridian Capital from a "hold" rating to a "strong sell" rating in a research report on Wednesday. Alliance Global Partners reissued a "buy" rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. Finally, B. Riley Financial dropped their price target on Sound Point Meridian Capital from $10.50 to $10.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sound Point Meridian Capital currently has a consensus rating of "Hold" and an average price target of $15.12.
Read Our Latest 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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