Sound Point Meridian Capital (NYSE:SPMC) Major Shareholder Guaranty Ltd Assured Sells 1,882 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) major shareholder Guaranty Ltd Assured sold 1,882 shares of the firm’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $16.64, for a total transaction of $31,316.48. Following the completion of the transaction, the insider directly owned 5,281,112 shares of the company’s stock, valued at approximately $87,877,703.68. This trade represents a 0.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more 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 28th, Guaranty Ltd Assured sold 266 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $16.69, for a total value of $4,439.54.
• On Monday, October 27th, Guaranty Ltd Assured sold 590 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $16.70, for a total value of $9,853.00.
• On Wednesday, October 15th, Guaranty Ltd Assured sold 6,258 shares of Sound Point Meridian Capital stock. The shares were sold at an average price of $16.90, for a total value of $105,760.20.
• 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 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 value of $55,944.45.
• On Thursday, October 9th, Guaranty Ltd Assured sold 3,409 shares of Sound Point Meridian Capital stock. The stock was sold at an average price of $17.78, for a total value of $60,612.02.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock opened at $16.65 on Wednesday. The stock has a 50-day simple moving average of $17.43 and a 200 day simple moving average of $17.95. 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 $340.72 million, a P/E ratio of 11.72 and a beta of 0.22.

Sound Point Meridian Capital (NYSE:SPMC) last announced 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 for the quarter, compared to analyst estimates of $20.72 million.

Sound Point Meridian Capital Dividend Announcement

The business 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. This represents a c) dividend on an annualized basis and a dividend yield of 18.0%. The ex-dividend date is Friday, November 14th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is 211.27%.

Institutional Trading of Sound Point Meridian Capital

A number of hedge funds have recently bought and sold shares of the stock. Everest Management Corp. purchased a new position in shares of Sound Point Meridian Capital during the second quarter worth $1,303,000. Marshall Wace LLP boosted its stake in Sound Point Meridian Capital by 35.4% during the second 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 position in shares of Sound Point Meridian Capital by 8.6% during the first quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company’s stock worth $2,908,000 after buying an additional 11,602 shares during the period. Finally, Kim LLC purchased a new position in Sound Point Meridian Capital during the 2nd quarter valued at about $192,821,000.

Analyst Upgrades and Downgrades

A number of analysts have commented on SPMC shares. Compass Point set a $20.00 price objective on Sound Point Meridian Capital in a report on Tuesday, September 30th. 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, Alliance Global Partners began 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 for the company. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus 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.