Sound Point Meridian Capital’s (SPMC) Neutral Rating Reiterated at B. Riley Securities

B. Riley Securities reiterated their neutral rating on shares of Sound Point Meridian Capital (NYSE:SPMC) in a research report report published on Thursday morning, Marketbeat.com reports. They currently have a $12.00 target price on the stock, down from their prior target price of $16.00.

SPMC has been the subject of several other research reports. B.Riley Securit downgraded Sound Point Meridian Capital from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a research report on Monday, December 1st. iA Financial set a $18.50 price objective on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. Finally, Compass Point set a $12.00 price objective on shares of Sound Point Meridian Capital in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.42.

Sound Point Meridian Capital Stock Down 4.9%

Shares of SPMC stock opened at $11.03 on Thursday. The firm has a market cap of $226.05 million, a P/E ratio of -3.12 and a beta of 0.32. The company has a 50 day moving average of $13.73 and a 200-day moving average of $15.84. Sound Point Meridian Capital has a 12-month low of $10.91 and a 12-month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) 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 Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.20 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 21.8%. The ex-dividend date is Monday, June 15th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is 1,500.00%.

Insider Buying and Selling

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the transaction, the insider owned 5,269,690 shares of the company’s stock, valued at approximately $75,409,263.90. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew E. Forstenhausler acquired 4,118 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were acquired at an average cost of $13.60 per share, with a total value of $56,004.80. Following the purchase, the director directly owned 6,318 shares of the company’s stock, valued at $85,924.80. This trade represents a 187.18% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 8,480 shares of company stock worth $115,727 and have sold 10,803 shares worth $156,663. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of Sound Point Meridian Capital

Several institutional investors and hedge funds have recently modified their holdings of the business. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital during the 4th quarter valued at about $189,000. Everest Management Corp. raised 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 purchasing an additional 4,243 shares in the last quarter. Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital in the third quarter valued at approximately $267,000. Kim LLC bought a new stake in Sound Point Meridian Capital during the second quarter valued at approximately $192,821,000. Finally, Marshall Wace LLP grew its stake in Sound Point Meridian Capital by 35.4% in the 2nd 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 in the last quarter.

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.