Guaranty Ltd Assured Sells 1,227 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Key Points

• Guaranty Ltd Assured, a major shareholder of Sound Point Meridian Capital, has sold 1,227 shares of the company for a total of $21,325.26, reducing their ownership by 0.02% to approximately 5.29 million shares.
• Sound Point Meridian Capital recently announced a monthly dividend of $0.25 per share, with a 17.3% annualized yield, which will be paid to shareholders on November 28th.
• The stock has a consensus rating of "Buy" among analysts, with a target price set at $20.00, showing a positive outlook despite recent earnings missing estimates.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) major shareholder Guaranty Ltd Assured sold 1,227 shares of the stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $17.38, for a total transaction of $21,325.26. Following the transaction, the insider directly owned 5,289,252 shares in the company, valued at approximately $91,927,199.76. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, October 13th, Guaranty Ltd Assured sold 3,195 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $17.51, for a total transaction of $55,944.45.
• On Thursday, October 9th, Guaranty Ltd Assured sold 3,409 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $17.78, for a total transaction of $60,612.02.

Sound Point Meridian Capital Price Performance

NYSE:SPMC traded down $0.06 on Tuesday, reaching $17.37. 19,038 shares of the company's stock were exchanged, compared to its average volume of 16,049. The firm has a market cap of $351.40 million, a price-to-earnings ratio of 12.23 and a beta of 0.22. Sound Point Meridian Capital, Inc. has a 52 week low of $16.26 and a 52 week high of $22.30. The stock has a fifty day simple moving average of $17.81 and a 200-day simple moving average of $18.13.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.03). The firm had revenue of $19.21 million for the quarter, compared to the consensus estimate of $20.72 million.

Sound Point Meridian Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a c) annualized dividend and a dividend yield of 17.3%. Sound Point Meridian Capital's dividend payout ratio (DPR) is 211.27%.

Hedge Funds Weigh In On Sound Point Meridian Capital

Institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. grew its holdings in Sound Point Meridian Capital by 8.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company's stock valued at $2,908,000 after buying an additional 11,602 shares in the last quarter. Marshall Wace LLP grew its holdings in Sound Point Meridian Capital by 35.4% during the 2nd 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 in the last quarter. Everest Management Corp. purchased a new stake in Sound Point Meridian Capital during the 2nd quarter valued at approximately $1,303,000. Finally, Kim LLC purchased a new stake in Sound Point Meridian Capital during the 2nd quarter valued at approximately $192,821,000.

Analysts Set New Price Targets

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

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