Sound Point Meridian Capital’s (SPMC) Neutral Rating Reaffirmed at B. Riley Securities

Sound Point Meridian Capital (NYSE:SPMC)‘s stock had its “neutral” rating reiterated by investment analysts at B. Riley Securities in a note issued to investors on Thursday, MarketBeat reports. They currently have a $12.00 target price on the stock, down from their prior target price of $16.00. B. Riley Securities’ price objective suggests a potential upside of 3.99% from the company’s previous close.

A number of other equities analysts have also recently commented on SPMC. B. Riley Financial cut shares of Sound Point Meridian Capital from a “buy” rating to a “neutral” rating in a report on Wednesday. B.Riley Securit downgraded shares of Sound Point Meridian Capital from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Compass Point set a $12.00 price objective on shares of Sound Point Meridian Capital in a research note on Wednesday. Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a report on Monday, December 1st. Finally, Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.42.

Sound Point Meridian Capital Price Performance

NYSE SPMC opened at $11.54 on Thursday. The company has a fifty day moving average of $13.83 and a two-hundred day moving average of $15.94. Sound Point Meridian Capital has a 1 year low of $11.45 and a 1 year high of $22.30. The company has a market capitalization of $236.54 million, a PE ratio of 57.70 and a beta of 0.32.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.09). The company had revenue of $17.95 million during the quarter, compared to analysts’ expectations of $20.45 million.

Insider Activity at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Director Matthew E. Forstenhausler bought 4,118 shares of the company’s stock in a transaction on Thursday, December 18th. The shares were bought at an average price of $13.60 per share, for a total transaction of $56,004.80. Following the transaction, the director owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. This trade represents a 187.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the firm’s stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the completion of the sale, the insider directly owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. This represents a 0.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have acquired 8,480 shares of company stock worth $115,727 and have sold 10,803 shares worth $156,663. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

Institutional investors have recently made changes to their positions in the stock. Everest Management Corp. acquired a new stake in shares of Sound Point Meridian Capital in the second quarter valued at about $1,303,000. Citadel Advisors LLC purchased a new position in Sound Point Meridian Capital in the 3rd quarter valued at approximately $267,000. Kim LLC acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth $192,821,000. Finally, Marshall Wace LLP lifted 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 in the last quarter.

Trending Headlines about Sound Point Meridian Capital

Here are the key news stories impacting Sound Point Meridian Capital this week:

• Positive Sentiment: Board declared monthly common distributions of $0.20 per share (monthly schedule with ex-dividend dates in Apr, May and June shown), supporting a very high headline yield that may attract income-focused investors. Press Release: Distributions & Results
• Neutral Sentiment: Earnings call highlights were published summarizing management’s view on market conditions and portfolio positioning; these details can influence sentiment but did not override the EPS miss. Earnings Call Highlights
• Negative Sentiment: Q3 fiscal results showed EPS of $0.44, below consensus (reported misses: $0.44 vs. ~ $0.53–$0.55 estimates) and down from $0.62 a year ago — a clear near-term catalyst for selling pressure. Zacks: Misses Q3 Earnings MarketBeat: Earnings Report
• Negative Sentiment: B. Riley downgraded SPMC from “strong-buy” to “hold,” removing a buy-side endorsement that can reduce demand for the stock and amplify downward pressure after the earnings miss. Analyst Downgrade Note

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. Sound Point Meridian Capital Inc is based in NEW YORK.