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

Sound Point Meridian Capital (NYSE:SPMC) issued 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. The company had revenue of $20.23 million for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Stock Down 0.9%

NYSE:SPMC traded down $0.15 on Friday, reaching $16.49. 17,632 shares of the company’s stock traded hands, compared to its average volume of 28,015. The stock has a 50-day simple moving average of $17.08 and a 200-day simple moving average of $17.77. Sound Point Meridian Capital has a 12 month low of $15.01 and a 12 month high of $22.30. The firm has a market cap of $337.55 million, a PE ratio of 82.45 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. Shareholders of record on Monday, March 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) dividend on an annualized basis and a yield of 18.2%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is currently 211.27%.

Analyst Ratings Changes

Several research firms have recently weighed in on SPMC. Industrial Alliance Securities set a $18.50 price target on Sound Point Meridian Capital in a report on Thursday. Compass Point set a $20.00 target price on Sound Point Meridian Capital in a report on Tuesday, September 30th. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Finally, Alliance Global Partners assumed coverage on shares of Sound Point Meridian Capital in a research note on Friday, July 18th. They issued a “buy” rating and a $20.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $19.50.

Insider Activity at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured sold 1,882 shares of the stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $16.64, for a total transaction of $31,316.48. Following the completion of the sale, the insider directly owned 5,281,112 shares of the company’s stock, valued at $87,877,703.68. This trade represents a 0.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Stephen Ketchum acquired 2,000 shares of Sound Point Meridian Capital stock in a transaction dated Tuesday, October 21st. The shares were bought at an average price of $15.31 per share, for a total transaction of $30,620.00. Following the transaction, the chairman owned 94,090 shares of the company’s stock, valued at approximately $1,440,517.90. The trade was a 2.17% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 28,000 shares of company stock valued at $434,270 and have sold 16,827 shares valued at $289,251.

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently raised its position in Sound Point Meridian Capital stock. Marshall Wace LLP lifted its stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 35.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 77,152 shares of the company’s stock after purchasing an additional 20,163 shares during the quarter. Marshall Wace LLP owned about 0.38% of Sound Point Meridian Capital worth $1,379,000 at the end of the most recent reporting period.

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.