Sound Point Meridian Capital (NYSE:SPMC) Director Matthew Forstenhausler Sells 2,427 Shares

Key Points

• Director Matthew Forstenhausler sold 2,427 SPMC shares at an average price of $9.20, totaling $22,328.40 and reducing his direct ownership by 22.22% to 8,496 shares.
• Sound Point Meridian Capital shares rose 2.2% to $9.55, but the company’s latest quarterly results missed expectations, with EPS of $0.24 versus $0.30 forecast and revenue of $12.42 million versus $14.18 million expected.
• The company announced a $0.13 monthly dividend, equivalent to a 16.3% annualized yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and a $15.12 price target.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) Director Matthew Forstenhausler sold 2,427 shares of the business's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $9.20, for a total value of $22,328.40. Following the completion of the sale, the director directly owned 8,496 shares in the company, valued at $78,163.20. This trade represents a 22.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Sound Point Meridian Capital Stock Up 2.2%

Shares of NYSE SPMC traded up $0.21 during trading on Friday, reaching $9.55. The company had a trading volume of 17,105 shares, compared to its average volume of 33,283. Sound Point Meridian Capital, Inc. has a 12-month low of $8.36 and a 12-month high of $18.54. The business's 50-day moving average is $10.00 and its 200 day moving average is $10.22. The stock has a market cap of $195.78 million, a PE ratio of -1.65 and a beta of 1.15.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.06). The firm had revenue of $12.42 million during the quarter, compared to analysts' expectations of $14.18 million. On average, analysts anticipate that Sound Point Meridian Capital, Inc. will post 1.04 earnings per share for the current year.

Sound Point Meridian Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid a $0.13 dividend. This represents a c) annualized dividend and a dividend yield of 16.3%. The ex-dividend date is Tuesday, December 15th. Sound Point Meridian Capital's dividend payout ratio is currently -41.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SPMC shares. Alliance Global Partners reissued a "buy" rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. B. Riley Financial lowered their price objective on Sound Point Meridian Capital from $10.50 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 12th. Finally, Zacks Research downgraded Sound Point Meridian Capital from a "hold" rating to a "strong sell" rating in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $15.12.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of institutional investors and hedge funds have recently made changes to their positions in SPMC. Kim LLC bought a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at approximately $192,821,000. Allied Private Wealth LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter worth about $984,000. Everest Management Corp. boosted its stake in shares of 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 acquiring an additional 4,243 shares during the period. Marshall Wace LLP grew its position 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 worth $1,379,000 after purchasing an additional 20,163 shares in the last quarter. Finally, Advisory Solutions Group LLC purchased a new stake in shares of Sound Point Meridian Capital during the second quarter worth about $316,000.

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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