Insider Selling: Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells 3,409 Shares of Stock

Key Points

• Major shareholder Guaranty Ltd Assured sold 3,409 shares of Sound Point Meridian Capital (NYSE:SPMC) at an average price of $17.78, totaling approximately $60,612.
• Sound Point Meridian Capital recently announced a monthly dividend of $0.25 per share, representing an annualized yield of 17.3%, with the ex-dividend date set for November 14th.
• Analysts have generally rated SPMC as a "buy," with a target price of $20.00, despite the company missing quarterly earnings estimates with EPS of $0.53.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) major shareholder Guaranty Ltd Assured sold 3,409 shares of the firm's stock in a transaction that occurred on Thursday, October 9th. The stock was sold at an average price of $17.78, for a total transaction of $60,612.02. Following the completion of the transaction, the insider directly owned 5,293,674 shares in the company, valued at approximately $94,121,523.72. The trade was a 0.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large 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, October 14th, Guaranty Ltd Assured sold 1,227 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $17.38, for a total transaction of $21,325.26.
• On Monday, October 13th, Guaranty Ltd Assured sold 3,195 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $17.51, for a total transaction of $55,944.45.

Sound Point Meridian Capital Price Performance

Shares of SPMC stock traded down $0.06 during mid-day trading on Tuesday, hitting $17.37. The company had a trading volume of 19,038 shares, compared to its average volume of 16,049. The stock's 50 day moving average price is $17.81 and its 200-day moving average price is $18.13. Sound Point Meridian Capital, Inc. has a 52-week low of $16.26 and a 52-week high of $22.30. The company has a market capitalization of $351.40 million, a P/E ratio of 12.23 and a beta of 0.22.

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

Sound Point Meridian Capital Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Alliance Global Partners assumed coverage on shares of Sound Point Meridian Capital in a report on Friday, July 18th. They issued a "buy" rating and a $20.00 price target on the stock. Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a research note on Tuesday, September 30th. Finally, Zacks Research upgraded Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $20.00.

Hedge Funds Weigh In On Sound Point Meridian Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kim LLC acquired a new stake in shares of Sound Point Meridian Capital in the second quarter valued at approximately $192,821,000. Marshall Wace LLP boosted its stake 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 acquiring an additional 20,163 shares during the last quarter. Everest Management Corp. acquired a new stake in shares of Sound Point Meridian Capital during the second quarter valued at $1,303,000. Finally, Envestnet Asset Management Inc. boosted its stake in Sound Point Meridian Capital by 8.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company's stock worth $2,908,000 after buying an additional 11,602 shares during the last quarter.

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.

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