Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Guaranty Ltd Assured Sells 3,195 Shares

Key Points

• Guaranty Ltd Assured, a major shareholder of Sound Point Meridian Capital, sold a total of 4,636 shares in recent transactions, reducing their ownership by 0.06% and retaining 5,290,479 shares valued at approximately $92.6 million.
• Sound Point Meridian Capital recently declared a monthly dividend of $0.25 per share, with a yield of 17.3%, to be paid on November 28th.
• Wall Street analysts have given Sound Point Meridian Capital a consensus Buy rating, with a price target of $20.00, despite a recent earnings miss that showed earnings per share at $0.53, below the expected $0.56.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) major shareholder Guaranty Ltd Assured sold 3,195 shares of the company's stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $17.51, for a total value of $55,944.45. Following the completion of the transaction, the insider owned 5,290,479 shares in the company, valued at $92,636,287.29. This represents a 0.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases 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 stock was sold at an average price of $17.38, for a total value of $21,325.26.
• On Thursday, October 9th, Guaranty Ltd Assured sold 3,409 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $17.78, for a total value of $60,612.02.

Sound Point Meridian Capital Trading Down 0.3%

NYSE:SPMC traded down $0.06 during trading hours on Tuesday, hitting $17.37. The company's stock had a trading volume of 19,038 shares, compared to its average volume of 16,049. The stock has a fifty day moving average of $17.81 and a 200-day moving average of $18.13. The stock 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, Inc. has a 52-week low of $16.26 and a 52-week high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last announced its 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 firm had revenue of $19.21 million for the quarter, compared to analyst estimates of $20.72 million.

Sound Point Meridian Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.25 per share. This represents a c) dividend on an annualized basis and a dividend yield of 17.3%. The ex-dividend date is Friday, November 14th. Sound Point Meridian Capital's dividend payout ratio (DPR) is presently 211.27%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SPMC. Zacks Research upgraded shares of 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 shares of Sound Point Meridian Capital in a research report on Tuesday, September 30th. Finally, Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a research report on Friday, July 18th. They set a "buy" rating and a $20.00 price target for the company. One 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 MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $20.00.

Institutional Trading of Sound Point Meridian Capital

Several institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. grew its stake 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 buying an additional 11,602 shares during the period. Marshall Wace LLP grew its stake in shares of Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock valued at $1,379,000 after buying an additional 20,163 shares during the period. Everest Management Corp. acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at $1,303,000. Finally, Kim LLC acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at $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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