Matthew Forstenhausler Acquires 1,000 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler purchased 1,000 shares of the company’s stock in a transaction dated Friday, December 19th. The stock was acquired at an average price of $13.60 per share, with a total value of $13,600.00. Following the completion of the transaction, the director owned 7,318 shares of the company’s stock, valued at $99,524.80. This represents a 15.83% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Sound Point Meridian Capital Price Performance

Shares of NYSE:SPMC opened at $13.49 on Friday. The business’s 50 day simple moving average is $15.42 and its 200 day simple moving average is $17.00. Sound Point Meridian Capital, Inc. has a 1 year low of $13.06 and a 1 year high of $22.30. The company has a market capitalization of $276.44 million, a P/E ratio of 67.43 and a beta of 0.25.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Thursday, November 13th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.02). The business had revenue of $20.23 million during the quarter, compared to analysts’ expectations of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a $0.25 dividend. This represents a c) dividend on an annualized basis and a yield of 22.2%. The ex-dividend date of this dividend is Monday, March 16th. Sound Point Meridian Capital’s payout ratio is 1,500.00%.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital in the 3rd quarter valued at approximately $267,000. Everest Management Corp. acquired a new position in shares of Sound Point Meridian Capital during the second quarter worth $1,303,000. Marshall Wace LLP lifted its stake in shares of 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 during the last quarter. Finally, Kim LLC acquired a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at $192,821,000.

Analysts Set New Price Targets

SPMC has been the topic of several recent analyst reports. Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a report on Monday, December 1st. Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a research report on Tuesday, September 30th. B. Riley decreased their price objective on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. Zacks Research cut Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Friday, November 21st. Finally, Industrial Alliance Securities set a $18.50 target price on Sound Point Meridian Capital in a report on Thursday, November 13th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.90.

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.