Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Guaranty Ltd Assured Sells 1,650 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 1,650 shares of the company’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $14.48, for a total value of $23,892.00. Following the completion of the sale, the insider owned 5,274,557 shares in the company, valued at $76,375,585.36. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• 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, January 12th, Guaranty Ltd Assured sold 3,782 shares of Sound Point Meridian Capital stock. The stock was 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.
• 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 transaction 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 Up 0.4%

SPMC opened at $14.38 on Thursday. Sound Point Meridian Capital, Inc. has a twelve month low of $13.06 and a twelve month high of $22.30. The company 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 PE ratio of 71.88 and a beta of 0.32.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Thursday, November 13th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) annualized dividend and a yield of 20.9%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is currently 1,500.00%.

Institutional Trading of Sound Point Meridian Capital

Hedge funds have recently bought and sold shares of the business. Everest Management Corp. bought a new stake in Sound Point Meridian Capital during the 2nd quarter valued at $1,303,000. Marshall Wace LLP grew its holdings in shares of Sound Point Meridian Capital by 35.4% during the second 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. Kim LLC bought a new stake in shares of Sound Point Meridian Capital during the second quarter worth about $192,821,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital in the 3rd quarter worth about $267,000.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Zacks Research lowered Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Friday, November 21st. Industrial Alliance Securities set a $18.50 price objective on shares of Sound Point Meridian Capital in a research note on Thursday, November 13th. B. Riley dropped their target price 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. Oppenheimer set a $20.00 price target on shares of Sound Point Meridian Capital in a report on Monday, December 1st. Finally, Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a research note on Tuesday, September 30th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price 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.