Matthew Forstenhausler Buys 4,118 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew Forstenhausler purchased 4,118 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was purchased at an average price of $13.60 per share, with a total value of $56,004.80. Following the completion of the purchase, the director directly owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. This represents a 187.18% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Sound Point Meridian Capital Trading Down 1.2%

NYSE SPMC traded down $0.17 on Friday, hitting $13.49. 36,389 shares of the stock traded hands, compared to its average volume of 27,506. The stock has a 50-day moving average of $15.50 and a 200 day moving average of $17.05. Sound Point Meridian Capital, Inc. has a twelve month low of $13.06 and a twelve month high of $22.30. The company has a market capitalization of $276.40 million, a P/E ratio of 67.43 and a beta of 0.25.

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

Sound Point Meridian Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued 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 currently 1,500.00%.

Analyst Ratings Changes

SPMC has been the topic of a number of recent research reports. Industrial Alliance Securities set a $18.50 price target on shares of Sound Point Meridian Capital in a research report on Thursday, November 13th. B. Riley dropped 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. 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 target price on Sound Point Meridian Capital in a research note on Tuesday, September 30th. Finally, Zacks Research cut Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Sound Point Meridian Capital presently has a consensus rating of “Hold” and an average target price of $18.90.

Hedge Funds Weigh In On Sound Point Meridian Capital

Large investors have recently bought and sold shares of the stock. Kim LLC bought a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth about $192,821,000. Everest Management Corp. acquired a new position in shares of Sound Point Meridian Capital during the second quarter valued at approximately $1,303,000. Marshall Wace LLP raised its holdings in Sound Point Meridian Capital by 35.4% during the second 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 in the last quarter. Finally, Citadel Advisors LLC bought a new stake in Sound Point Meridian Capital during the third quarter worth approximately $267,000.

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.