Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Sells $105,760.20 in Stock

Key Points

• Major shareholder Guaranty Ltd Assured sold 6,258 shares of Sound Point Meridian Capital for a total of $105,760.20, reducing their ownership stake by 0.12% to approximately 5.28 million shares.
• Sound Point Meridian Capital's stock price decreased by 2.5%, settling at $15.92, with a 12-month high of $22.30 and a market capitalization of about $325.96 million.
• The company announced a monthly dividend of $0.25 to be paid on November 28th, representing a high annualized yield of 18.8%.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) major shareholder Guaranty Ltd Assured sold 6,258 shares of the company's stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $16.90, for a total value of $105,760.20. Following the sale, the insider owned 5,282,994 shares in the company, valued at approximately $89,282,598.60. This represents a 0.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares 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 transaction of $21,325.26.
• On Monday, October 13th, Guaranty Ltd Assured sold 3,195 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $17.51, for a total transaction of $55,944.45.
• 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 transaction of $60,612.02.

Sound Point Meridian Capital Stock Down 2.5%

Shares of SPMC stock traded down $0.41 on Friday, reaching $15.92. The company's stock had a trading volume of 31,488 shares, compared to its average volume of 26,975. The company has a market capitalization of $325.96 million, a P/E ratio of 11.21 and a beta of 0.22. Sound Point Meridian Capital, Inc. has a 12-month low of $15.88 and a 12-month high of $22.30. The stock's 50 day simple moving average is $17.71 and its 200-day simple moving average is $18.06.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported $0.53 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 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 given a $0.25 dividend. This represents a c) annualized dividend and a dividend yield of 18.8%. The ex-dividend date is Friday, November 14th. Sound Point Meridian Capital's dividend payout ratio is 211.27%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kim LLC bought a new position in shares of Sound Point Meridian Capital during the second quarter valued at approximately $192,821,000. Everest Management Corp. purchased a new position in Sound Point Meridian Capital during the 2nd quarter valued at $1,303,000. Marshall Wace LLP raised 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 purchasing an additional 20,163 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position 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 purchasing an additional 11,602 shares during the period.

Analyst Ratings Changes

A number of equities analysts have commented on SPMC shares. Alliance Global Partners assumed coverage on shares of Sound Point Meridian Capital in a research note on Friday, July 18th. They issued a "buy" rating and a $20.00 price target for the company. 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. Finally, Compass Point set a $20.00 price target on Sound Point Meridian Capital in a research report on Tuesday, September 30th. 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. Based on data from MarketBeat, the stock presently has an average 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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