Sound Point Meridian Capital (NYSE:SPMC) Chairman Stephen Ketchum Acquires 2,000 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum acquired 2,000 shares of the 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 completion of the transaction, the chairman owned 94,090 shares in the company, valued at approximately $1,440,517.90. This represents a 2.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Wednesday, October 22nd, Stephen Ketchum acquired 1,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average price of $15.60 per share, for a total transaction of $15,600.00.
• On Monday, October 20th, Stephen Ketchum acquired 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 Stock Performance

NYSE SPMC opened at $15.63 on Thursday. Sound Point Meridian Capital, Inc. has a twelve month low of $15.01 and a twelve month high of $22.30. The stock has a market cap of $319.84 million, a price-to-earnings ratio of 11.00 and a beta of 0.22. The firm’s 50 day moving average price is $17.55 and its two-hundred day moving average price is $17.99.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly 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 firm had revenue of $19.21 million for the quarter, compared to analyst estimates 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. Stockholders of record on Friday, November 14th will be issued a dividend of $0.25 per share. This represents a c) annualized dividend and a dividend yield of 19.2%. The ex-dividend date is Friday, November 14th. Sound Point Meridian Capital’s payout ratio is currently 211.27%.

Analysts Set New Price Targets

Several equities analysts have recently commented on SPMC shares. Alliance Global Partners started coverage on shares of Sound Point Meridian Capital in a report on Friday, July 18th. They set a “buy” rating and a $20.00 price target on the stock. Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. Finally, Compass Point set a $20.00 price target on shares of Sound Point Meridian Capital in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average 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 business. Envestnet Asset Management Inc. lifted its position in 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 worth $2,908,000 after acquiring an additional 11,602 shares during the last quarter. Everest Management Corp. acquired a new position in Sound Point Meridian Capital during the 2nd quarter worth $1,303,000. Marshall Wace LLP lifted its position 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 worth $1,379,000 after acquiring an additional 20,163 shares during the last quarter. Finally, Kim LLC acquired a new position in Sound Point Meridian Capital during the 2nd quarter worth $192,821,000.

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.