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

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

Sound Point Meridian Capital Stock Performance

Shares of NYSE SPMC traded down $0.07 during mid-day trading on Thursday, reaching $16.61. 18,505 shares of the company’s stock were exchanged, compared to its average volume of 27,041. The company’s 50-day moving average is $17.13 and its 200-day moving average is $17.80. Sound Point Meridian Capital has a 52-week low of $15.01 and a 52-week high of $22.30. The firm has a market capitalization of $340.07 million, a price-to-earnings ratio of 11.70 and a beta of 0.20.

Sound Point Meridian Capital Announces Dividend

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

Insider Buying and Selling at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 1,882 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $87,877,703.68. This represents a 0.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Stephen Ketchum bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 21st. The stock was bought at an average price of $15.31 per share, with a total value of $30,620.00. Following the acquisition, the chairman directly owned 94,090 shares in the company, valued at $1,440,517.90. The trade was a 2.17% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 28,000 shares of company stock worth $434,270 and sold 16,827 shares worth $289,251.

Institutional Trading of Sound Point Meridian Capital

An institutional investor recently bought a new position in Sound Point Meridian Capital stock. Kim LLC purchased a new position in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,784,192 shares of the company’s stock, valued at approximately $192,821,000. Sound Point Meridian Capital makes up approximately 18.3% of Kim LLC’s investment portfolio, making the stock its biggest position. Kim LLC owned about 53.31% of Sound Point Meridian Capital as of its most recent filing with the Securities & Exchange Commission.

Analysts Set New Price Targets

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

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.