Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Guaranty Ltd Assured Sells 3,782 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 3,782 shares of the stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $14.72, for a total transaction of $55,671.04. Following the completion of the sale, the insider owned 5,276,372 shares of the company’s stock, valued at approximately $77,668,195.84. The trade was a 0.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Guaranty Ltd Assured also recently made the following trade(s):

• On Wednesday, January 14th, Guaranty Ltd Assured sold 1,650 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $14.48, for a total value of $23,892.00.
• On Tuesday, January 13th, Guaranty Ltd Assured sold 165 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.50, for a total value of $2,392.50.
• On Monday, November 17th, Guaranty Ltd Assured sold 102 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $16.40, for a total value of $1,672.80.
• On Tuesday, October 28th, Guaranty Ltd Assured sold 266 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $16.69, for a total value of $4,439.54.
• On Monday, October 27th, Guaranty Ltd Assured sold 590 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $16.70, for a total transaction of $9,853.00.
• On Friday, October 24th, Guaranty Ltd Assured sold 1,882 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $16.64, for a total transaction of $31,316.48.

Sound Point Meridian Capital Stock Performance

Shares of SPMC stock opened at $14.38 on Thursday. The firm has a fifty day moving average of $14.54 and a 200-day moving average of $16.54. The stock has a market cap of $294.69 million, a price-to-earnings ratio of 71.88 and a beta of 0.32. 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 posted its 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 company had revenue of $20.23 million for the quarter, compared to analyst estimates of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $0.25 per share. This represents a c) annualized dividend and a dividend yield of 20.9%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is 1,500.00%.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Sound Point Meridian Capital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citadel Advisors LLC acquired a new position in shares of Sound Point Meridian Capital during the third quarter worth approximately $267,000. Everest Management Corp. bought a new position in Sound Point Meridian Capital in the 2nd quarter valued at $1,303,000. Marshall Wace LLP boosted its position in 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 buying an additional 20,163 shares during the last quarter. Finally, Kim LLC acquired a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at $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. Sound Point Meridian Capital Inc is based in NEW YORK.