Sound Point Meridian Capital (NYSE:SPMC) Chairman Stephen Ketchum Purchases 5,000 Shares

Key Points

• Chairman Stephen Ketchum purchased a total of 8,000 shares of Sound Point Meridian Capital over three transactions, increasing his total holdings to approximately 92,090 shares valued at $1.44 million.
• The company declared a $0.25 monthly dividend to be paid on November 28th, representing an annualized yield of 19.2%.
• Despite recent earnings missing analysts' expectations, analysts have a consensus rating of "Buy" for the stock, with a target price set at $20.00.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) Chairman Stephen Ketchum purchased 5,000 shares of the firm's stock in a transaction dated Monday, October 20th. The stock was acquired at an average price of $15.61 per share, for a total transaction of $78,050.00. Following the purchase, the chairman owned 92,090 shares in the company, valued at approximately $1,437,524.90. The trade was a 5.74% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Wednesday, October 22nd, Stephen Ketchum purchased 1,000 shares of Sound Point Meridian Capital stock. The stock was acquired at an average price of $15.60 per share, for a total transaction of $15,600.00.
• On Tuesday, October 21st, Stephen Ketchum acquired 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.

Sound Point Meridian Capital Price Performance

SPMC stock 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 company has a fifty day moving average price of $17.55 and a 200 day moving average price of $17.99. Sound Point Meridian Capital, Inc. has a 52 week low of $15.01 and a 52 week high of $22.30. The stock has a market capitalization of $319.84 million, a PE ratio of 11.00 and a beta of 0.22.

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

Sound Point Meridian Capital Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Everest Management Corp. bought a new position in Sound Point Meridian Capital in the 2nd quarter worth $1,303,000. Marshall Wace LLP boosted its holdings 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 worth $1,379,000 after buying an additional 20,163 shares during the period. Envestnet Asset Management Inc. boosted its holdings 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 valued at $2,908,000 after purchasing an additional 11,602 shares during the last quarter. Finally, Kim LLC bought a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at about $192,821,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SPMC shares. Compass Point set a $20.00 target price on Sound Point Meridian Capital in a report on Tuesday, September 30th. Zacks Research raised Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. Finally, Alliance Global Partners initiated coverage on Sound Point Meridian Capital in a research report on Friday, July 18th. They issued a "buy" rating and a $20.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $20.00.

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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