Stephen Ketchum Purchases 2,000 Shares of Sound Point Meridian Capital (NYSE:SPMC) Stock

Key Points

• Stephen Ketchum, Chairman of Sound Point Meridian Capital, purchased a total of 8,000 shares of the company stock in recent transactions, increasing his position to 94,090 shares valued at approximately $1.44 million.
• The company announced a monthly dividend of $0.25 per share, to be paid on November 28, which reflects an annualized yield of 19.2%.
• Sound Point Meridian Capital's stock is currently rated as a "Buy" by analysts, with a price target set at $20.00, despite a recent earnings report that missed consensus estimates.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) Chairman Stephen Ketchum bought 2,000 shares of Sound Point Meridian Capital stock in a transaction on Tuesday, October 21st. The shares were purchased at an average price of $15.31 per share, for a total transaction of $30,620.00. Following the acquisition, the chairman directly owned 94,090 shares in the company, valued at approximately $1,440,517.90. This trade represents a 2.17% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

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 bought at an average price of $15.60 per share, for a total transaction of $15,600.00.
• On Monday, October 20th, Stephen Ketchum purchased 5,000 shares of Sound Point Meridian Capital stock. The stock was bought at an average price of $15.61 per share, for a total transaction of $78,050.00.

Sound Point Meridian Capital Trading Up 0.2%

SPMC stock traded up $0.04 during midday trading on Wednesday, hitting $15.63. The company's stock had a trading volume of 37,701 shares, compared to its average volume of 27,421. The company has a market cap of $319.84 million, a PE ratio of 11.00 and a beta of 0.22. Sound Point Meridian Capital, Inc. has a 12 month low of $15.01 and a 12 month high of $22.30. The firm's 50-day moving average is $17.55 and its 200-day moving average is $17.99.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released its quarterly 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 during the quarter, compared to analysts' expectations of $20.72 million.

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Friday, November 14th. This represents a c) dividend on an annualized basis and a dividend yield of 19.2%. Sound Point Meridian Capital's dividend payout ratio (DPR) is presently 211.27%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Everest Management Corp. acquired a new position in shares of Sound Point Meridian Capital in the second quarter worth about $1,303,000. Marshall Wace LLP grew its stake in 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 acquiring an additional 20,163 shares in the last quarter. Envestnet Asset Management Inc. grew its stake 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 valued at $2,908,000 after buying an additional 11,602 shares during the period. Finally, Kim LLC purchased a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at approximately $192,821,000.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a report on Tuesday, September 30th. Zacks Research raised shares of Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Finally, Alliance Global Partners started coverage on shares of Sound Point Meridian Capital in a research note 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 given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Sound Point Meridian Capital currently has an average rating of "Buy" and an average 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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