Sound Point Meridian Capital (NYSE:SPMC) CEO Acquires $184,320.00 in Stock

Key Points

• Ujjaval Desai, CEO of Sound Point Meridian Capital, purchased 12,000 shares at $15.36 each, totaling $184,320.00, increasing his ownership by 20.49% to 70,579 shares valued at approximately $1,084,093.44.
• The company recently announced a monthly $0.25 dividend with a high annualized yield of 19.2%; the ex-dividend date is November 14th.
• Sound Point Meridian Capital's stock has a market capitalization of $319.84 million and is rated as a "Buy" by multiple analysts, with a consensus target price of $20.00.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) CEO Ujjaval Desai bought 12,000 shares of the business's stock in a transaction on Monday, October 20th. The shares were acquired at an average price of $15.36 per share, with a total value of $184,320.00. Following the completion of the purchase, the chief executive officer directly owned 70,579 shares of the company's stock, valued at approximately $1,084,093.44. The trade was a 20.49% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Ujjaval Desai also recently made the following trade(s):

• On Wednesday, October 22nd, Ujjaval Desai purchased 8,000 shares of Sound Point Meridian Capital stock. The shares were bought at an average price of $15.71 per share, with a total value of $125,680.00.

Sound Point Meridian Capital Stock Up 0.2%

Shares of NYSE:SPMC traded up $0.04 during trading on Wednesday, hitting $15.63. 37,701 shares of the company were exchanged, compared to its average volume of 27,421. The business's 50 day moving average is $17.55 and its 200-day moving average is $17.99. The company has a market capitalization of $319.84 million, a P/E ratio of 11.00 and a beta of 0.22. Sound Point Meridian Capital, Inc. has a 1-year low of $15.01 and a 1-year high of $22.30.

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

Sound Point Meridian Capital Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.25 dividend. This represents a c) dividend on an annualized basis and a yield of 19.2%. The ex-dividend date is Friday, November 14th. Sound Point Meridian Capital's dividend payout ratio is presently 211.27%.

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. Envestnet Asset Management Inc. boosted its position in shares of 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 worth $2,908,000 after purchasing an additional 11,602 shares in the last quarter. Everest Management Corp. bought a new position in Sound Point Meridian Capital in the 2nd quarter valued at about $1,303,000. Marshall Wace LLP lifted its position in Sound Point Meridian Capital by 35.4% in the 2nd 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 in the last quarter. Finally, Kim LLC bought a new position in Sound Point Meridian Capital in the 2nd quarter valued at about $192,821,000.

Analyst Ratings Changes

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