Sound Point Meridian Capital (NYSE:SPMC) Chairman Buys $15,600.00 in Stock

Key Points

• Stephen Ketchum, Chairman of Sound Point Meridian Capital, purchased a total of $15,600 in stock, acquiring 1,000 shares at an average price of $15.60 each, increasing his total ownership in the company to 95,090 shares.
• Sound Point Meridian Capital recently declared a monthly dividend of $0.25, with a yield of 19.2%, to be paid on November 28th, highlighting the company's ongoing commitment to returning value to shareholders.
• Research reports indicate a consensus rating of "Buy" for SPMC, with analysts setting a target price of $20.00, showing positive sentiment around the stock despite recent earnings performance.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) Chairman Stephen Ketchum bought 1,000 shares of the business's stock in a transaction dated Wednesday, October 22nd. The shares were purchased at an average price of $15.60 per share, for a total transaction of $15,600.00. Following the transaction, the chairman directly owned 95,090 shares of the company's stock, valued at approximately $1,483,404. This represents a 1.06% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink.

Stephen Ketchum also recently made the following trade(s):

• On Tuesday, October 21st, Stephen Ketchum bought 2,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average price of $15.31 per share, for a total transaction of $30,620.00.
• On Monday, October 20th, Stephen Ketchum bought 5,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average price of $15.61 per share, for a total transaction of $78,050.00.

Sound Point Meridian Capital Price Performance

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

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

Sound Point Meridian Capital Dividend Announcement

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

Analysts Set New Price Targets

SPMC has been the topic of several recent research reports. Zacks Research upgraded Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Compass Point set a $20.00 price target on Sound Point Meridian Capital in a research report on Tuesday, September 30th. Finally, Alliance Global Partners started coverage on Sound Point Meridian Capital in a research report on Friday, July 18th. They issued a "buy" rating and a $20.00 price target on the stock. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $20.00.

Institutional Investors Weigh In On Sound Point Meridian Capital

Institutional investors and hedge funds have recently modified their holdings of the company. Everest Management Corp. acquired a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth approximately $1,303,000. Marshall Wace LLP grew its holdings in shares of Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock worth $1,379,000 after acquiring an additional 20,163 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of 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 acquiring an additional 11,602 shares during the period. Finally, Kim LLC acquired a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth approximately $192,821,000.

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.

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