Sound Point Meridian Capital, Inc. (NYSE:SPMC) Receives Average Rating of “Hold” from Analysts

Shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) have been given an average rating of “Hold” by the six analysts that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $16.4167.

A number of analysts have recently commented on the stock. 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. B.Riley Securit cut Sound Point Meridian Capital from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. B. Riley Financial lowered Sound Point Meridian Capital from a “buy” rating to a “neutral” rating in a research note on Wednesday, February 11th. iA Financial set a $18.50 target price on Sound Point Meridian Capital in a research report on Thursday, November 13th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th.

Sound Point Meridian Capital Price Performance

Shares of SPMC stock opened at $11.03 on Thursday. Sound Point Meridian Capital has a 1-year low of $10.91 and a 1-year high of $22.30. The company has a market cap of $226.05 million, a price-to-earnings ratio of -3.12 and a beta of 0.32. The stock has a 50 day simple moving average of $13.67 and a 200-day simple moving average of $15.78.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors 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) dividend on an annualized basis and a yield of 21.8%. Sound Point Meridian Capital’s payout ratio is presently -84.99%.

Insider Transactions at Sound Point Meridian Capital

In related news, Director Matthew E. Forstenhausler bought 4,118 shares of the stock in a transaction dated Thursday, December 18th. The shares were acquired at an average cost of $13.60 per share, for a total transaction of $56,004.80. Following the acquisition, the director directly owned 6,318 shares in the company, valued at approximately $85,924.80. This trade represents a 187.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. This trade represents a 0.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders acquired 8,480 shares of company stock valued at $115,727 and sold 10,701 shares valued at $154,990. 0.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Kim LLC purchased a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at $192,821,000. Everest Management Corp. purchased a new position in Sound Point Meridian Capital during the 2nd quarter valued at about $1,303,000. Marshall Wace LLP grew its position 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 valued at $1,379,000 after acquiring an additional 20,163 shares in the last quarter. Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital during the third quarter worth about $267,000. Finally, Thomas J. Herzfeld Advisors Inc. purchased a new stake in Sound Point Meridian Capital during the fourth quarter worth about $189,000.

Sound Point Meridian Capital Company Profile

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.