Sound Point Meridian Capital (NYSE:SPMC) Announces Earnings Results, Misses Estimates By $0.07 EPS

Sound Point Meridian Capital (NYSE:SPMC) issued its quarterly earnings data on Wednesday. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.07), Zacks reports.

Sound Point Meridian Capital Trading Down 0.8%

Shares of NYSE SPMC opened at $10.88 on Wednesday. The company has a market cap of $222.90 million, a price-to-earnings ratio of -3.08 and a beta of 1.01. Sound Point Meridian Capital has a 12 month low of $8.36 and a 12 month high of $18.60. The stock has a 50-day moving average price of $9.93 and a two-hundred day moving average price of $12.14.

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.20 dividend. This represents a c) dividend on an annualized basis and a yield of 22.1%. The ex-dividend date is Tuesday, September 15th. Sound Point Meridian Capital’s payout ratio is currently -67.99%.

Insider Buying and Selling at Sound Point Meridian Capital

In related news, major shareholder Guaranty Ltd Assured purchased 242,718 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were bought at an average cost of $24.72 per share, with a total value of $5,999,988.96. Following the acquisition, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds have recently added to or reduced their stakes in SPMC. Thomas J. Herzfeld Advisors Inc. acquired a new position in shares of Sound Point Meridian Capital during the fourth quarter worth $189,000. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital in the third quarter valued at $267,000. Virtus Investment Advisers LLC increased its holdings 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 purchasing an additional 2,061 shares during the period. Marshall Wace LLP raised its position in Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares during the last quarter. Finally, Kim LLC bought a new position in Sound Point Meridian Capital during the 2nd quarter worth $192,821,000.

Analysts Set New Price Targets

SPMC has been the topic of a number of analyst reports. B. Riley Financial lowered their target price on shares of Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Compass Point set a $12.00 price target on Sound Point Meridian Capital in a research report on Wednesday, February 11th. Finally, Alliance Global Partners restated 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 issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $16.10.

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.