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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) CEO Ujjaval Desai bought 1,000 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were purchased at an average cost of $13.60 per share, with a total value of $13,600.00. Following the completion of the acquisition, the chief executive officer owned 80,741 shares in the company, valued at approximately $1,098,077.60. This represents a 1.25% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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 shares were purchased at an average cost 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 stock was purchased at an average cost of $15.71 per share, with a total value of $125,680.00.
• On Monday, October 20th, Ujjaval Desai bought 12,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average cost of $15.36 per share, for a total transaction of $184,320.00.

Sound Point Meridian Capital Stock Up 1.1%

NYSE:SPMC opened at $13.61 on Thursday. Sound Point Meridian Capital, Inc. has a 52 week low of $13.06 and a 52 week high of $22.30. The stock’s 50-day moving average price is $15.58 and its 200-day moving average price is $17.07. The stock has a market capitalization of $279.01 million, a PE ratio of 68.05 and a beta of 0.25.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings results on Thursday, November 13th. The company reported $0.54 earnings per share (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 Announces Dividend

The firm also recently announced 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) dividend on an annualized basis and a dividend yield of 22.0%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is 1,500.00%.

Institutional Trading of Sound Point Meridian Capital

Several large investors have recently bought and sold shares of SPMC. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital in the 3rd quarter valued at about $267,000. Everest Management Corp. purchased a new stake in shares of Sound Point Meridian Capital in the second quarter valued at approximately $1,303,000. Marshall Wace LLP increased its holdings in shares of Sound Point Meridian Capital by 35.4% in the second 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 last quarter. Finally, Kim LLC acquired a new stake in shares of Sound Point Meridian Capital in the second quarter valued at approximately $192,821,000.

Analyst Upgrades and Downgrades

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

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.