Sound Point Meridian Capital (NYSE:SPMC) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Sound Point Meridian Capital (NYSE:SPMC) announced its earnings results on Thursday. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02), Zacks reports.

Sound Point Meridian Capital Stock Down 0.4%

Shares of NYSE SPMC traded down $0.07 during trading hours on Thursday, hitting $16.61. 18,505 shares of the stock were exchanged, compared to its average volume of 27,041. Sound Point Meridian Capital has a 12 month low of $15.01 and a 12 month high of $22.30. The firm has a fifty day moving average price of $17.13 and a 200-day moving average price of $17.80. The company has a market cap of $340.07 million, a PE ratio of 11.70 and a beta of 0.20.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be paid a $0.25 dividend. This represents a c) annualized dividend and a yield of 18.1%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s payout ratio is 211.27%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SPMC. Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a research note on Tuesday, September 30th. Zacks Research raised Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. Finally, Alliance Global Partners initiated coverage on Sound Point Meridian Capital in a research report on Friday, July 18th. They set a “buy” rating and a $20.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Sound Point Meridian Capital currently has an average rating of “Buy” and a consensus price target of $20.00.

Insider Buying and Selling at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured sold 1,882 shares of Sound Point Meridian Capital stock in a transaction on Friday, October 24th. The shares were sold at an average price of $16.64, for a total value of $31,316.48. Following the transaction, the insider directly owned 5,281,112 shares of the company’s stock, valued at approximately $87,877,703.68. The trade was a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ujjaval Desai bought 8,000 shares of Sound Point Meridian Capital stock in a transaction that occurred on Wednesday, October 22nd. The shares were acquired at an average cost of $15.71 per share, for a total transaction of $125,680.00. Following the completion of the transaction, the chief executive officer directly owned 78,579 shares in the company, valued at $1,234,476.09. This represents a 11.33% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 28,000 shares of company stock worth $434,270 and sold 16,827 shares worth $289,251.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Sound Point Meridian Capital stock. Marshall Wace LLP increased its stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 35.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 77,152 shares of the company’s stock after purchasing an additional 20,163 shares during the period. Marshall Wace LLP owned 0.38% of Sound Point Meridian Capital worth $1,379,000 as of its most recent filing with the Securities & Exchange Commission.

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.