Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $65,282.22 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total transaction of $65,282.22. Following the completion of the transaction, the insider directly owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. The trade was a 0.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, January 23rd, Guaranty Ltd Assured sold 305 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $14.29, for a total transaction of $4,358.45.
• On Wednesday, January 14th, Guaranty Ltd Assured sold 1,650 shares of Sound Point Meridian Capital stock. The stock was 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 transaction of $2,392.50.
• On Monday, January 12th, Guaranty Ltd Assured sold 3,782 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $14.72, for a total value of $55,671.04.
• 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.

Sound Point Meridian Capital Stock Down 0.7%

Shares of Sound Point Meridian Capital stock traded down $0.09 during trading hours on Tuesday, hitting $14.21. The company’s stock had a trading volume of 15,650 shares, compared to its average volume of 22,268. The company has a market capitalization of $291.24 million, a PE ratio of 71.04 and a beta of 0.32. The business has a fifty day moving average of $14.17 and a 200 day moving average of $16.31. Sound Point Meridian Capital, Inc. has a 1-year low of $13.06 and a 1-year high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings data on Thursday, November 13th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The business 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 company also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, March 16th. This represents a c) annualized dividend and a dividend yield of 21.1%. Sound Point Meridian Capital’s dividend payout ratio is currently 1,500.00%.

Institutional Trading of Sound Point Meridian Capital

Large investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC bought a new stake in Sound Point Meridian Capital in the third quarter worth $267,000. Everest Management Corp. bought a new stake in shares of Sound Point Meridian Capital in the second quarter valued at approximately $1,303,000. Marshall Wace LLP boosted its holdings 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 purchasing an additional 20,163 shares during the period. Finally, Kim LLC bought a new stake in shares of Sound Point Meridian Capital in the second quarter valued at about $192,821,000.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research cut Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Friday, November 21st. B. Riley cut their target price on 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. Compass Point set a $20.00 price target on Sound Point Meridian Capital in a research note on Tuesday, September 30th. Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a report on Monday, December 1st. Finally, Industrial Alliance Securities set a $18.50 price objective on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. Two equities research 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. According to data from MarketBeat.com, Sound Point Meridian Capital currently has an average rating of “Hold” and an average price target of $18.90.

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.