Sound Point Meridian Capital (NYSE:SPMC) CEO Ujjaval Desai Acquires 1,000 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) CEO Ujjaval Desai bought 1,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were bought at an average price of $13.60 per share, with a total value of $13,600.00. Following the completion of the transaction, the chief executive officer directly owned 80,741 shares in the company, valued at approximately $1,098,077.60. This trade represents a 1.25% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Ujjaval Desai also recently made the following trade(s):

• On Friday, December 12th, Ujjaval Desai purchased 1,162 shares of Sound Point Meridian Capital stock. The stock was purchased at an average price of $13.84 per share, for a total transaction of $16,082.08.
• On Wednesday, October 22nd, Ujjaval Desai acquired 8,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average cost of $15.71 per share, for a total transaction of $125,680.00.
• On Monday, October 20th, Ujjaval Desai acquired 12,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average price of $15.36 per share, with a total value of $184,320.00.

Sound Point Meridian Capital Stock Performance

Shares of NYSE:SPMC opened at $13.53 on Wednesday. The company has a 50 day moving average price of $15.67 and a two-hundred day moving average price of $17.10. The company has a market capitalization of $277.26 million, a PE ratio of 67.63 and a beta of 0.25. Sound Point Meridian Capital, Inc. has a 52 week low of $13.06 and a 52 week high of $22.30.

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

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, March 16th. This represents a c) annualized dividend and a yield of 22.2%. Sound Point Meridian Capital’s payout ratio is currently 1,500.00%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SPMC. Everest Management Corp. grew its holdings in shares of Sound Point Meridian Capital by 3.7% during the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock worth $1,311,000 after buying an additional 2,697 shares in the last quarter. Citadel Advisors LLC bought a new stake in Sound Point Meridian Capital in the 3rd quarter valued at approximately $267,000. Marshall Wace LLP boosted 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 acquiring an additional 20,163 shares during the last quarter. Finally, Kim LLC bought a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000.

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.