Allied Private Wealth LLC Makes New $984,000 Investment in Sound Point Meridian Capital, Inc. $SPMC

Key Points

• Allied Private Wealth LLC acquired 94,982 shares of Sound Point Meridian Capital during the second quarter, valued at approximately $984,000 and representing a 0.46% stake.
• Analysts maintain a generally cautious outlook, with one Buy rating and three Hold ratings; the consensus price target is $15.12 versus the stock’s recent price of $10.70.
• Sound Point Meridian Capital reported quarterly EPS of $0.34, below the $0.41 estimate, and revenue of $12.57 million, below the $17.20 million consensus. The company also declared a monthly dividend of $0.20 per share, implying a reported annualized yield of 22.4%.

Allied Private Wealth LLC acquired a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 94,982 shares of the company's stock, valued at approximately $984,000. Allied Private Wealth LLC owned 0.46% of Sound Point Meridian Capital at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Virtus Investment Advisers LLC lifted its stake in Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company's stock valued at $407,000 after buying an additional 2,061 shares during the period. Thomas J. Herzfeld Advisors Inc. bought a new position in Sound Point Meridian Capital during the fourth quarter worth $189,000. Everest Management Corp. grew its holdings in Sound Point Meridian Capital by 5.6% in the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company's stock worth $1,097,000 after purchasing an additional 4,243 shares during the period. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital in the third quarter worth $267,000. Finally, Kim LLC acquired a new stake in Sound Point Meridian Capital in the second quarter worth $192,821,000.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SPMC. Zacks Research upgraded shares of Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 28th. Alliance Global Partners restated a "buy" rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $15.12.

Sound Point Meridian Capital Price Performance

Shares of NYSE SPMC opened at $10.70 on Monday. The company has a 50-day moving average price of $10.46 and a 200-day moving average price of $10.64. The stock has a market capitalization of $219.25 million, a P/E ratio of -1.74 and a beta of 1.15. Sound Point Meridian Capital, Inc. has a 1 year low of $8.36 and a 1 year high of $18.60.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last posted its earnings results on Thursday, May 28th. The company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.07). The company had revenue of $12.57 million for the quarter, compared to the consensus estimate of $17.20 million. As a group, equities research analysts anticipate that Sound Point Meridian Capital, Inc. will post 1.22 earnings per share for the current fiscal year.

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This represents a c) dividend on an annualized basis and a yield of 22.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Sound Point Meridian Capital's payout ratio is currently -39.09%.

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.

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