Sound Point Meridian Capital, Inc. (SPMC) To Go Ex-Dividend on November 14th

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Tuesday, August 5th. Shareholders of record on Friday, November 14th will be given a dividend of 0.25 per share on Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 18.0%. The ex-dividend date is Friday, November 14th.

Sound Point Meridian Capital Trading Up 0.6%

Shares of SPMC traded up $0.11 during mid-day trading on Wednesday, reaching $16.67. The company had a trading volume of 11,327 shares, compared to its average volume of 27,070. Sound Point Meridian Capital has a fifty-two week low of $15.01 and a fifty-two week high of $22.30. The firm has a fifty day simple moving average of $17.16 and a 200-day simple moving average of $17.80. The stock has a market cap of $341.13 million, a price-to-earnings ratio of 11.74 and a beta of 0.20.

Sound Point Meridian Capital (NYSE:SPMC) last issued 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 company had revenue of $19.21 million during the quarter, compared to analyst estimates of $20.72 million.

Insiders Place Their Bets

In other news, CEO Ujjaval Desai acquired 12,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was bought at an average cost of $15.36 per share, with a total value of $184,320.00. Following the transaction, the chief executive officer directly owned 70,579 shares in the company, valued at approximately $1,084,093.44. This represents a 20.49% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Guaranty Ltd Assured sold 6,258 shares of the business’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $16.90, for a total value of $105,760.20. Following the completion of the transaction, the insider owned 5,282,994 shares in the company, valued at approximately $89,282,598.60. This trade represents a 0.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have bought 28,000 shares of company stock worth $434,270 and have sold 16,827 shares worth $289,251.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of hedge funds have recently made changes to their positions in SPMC. Everest Management Corp. lifted its holdings in Sound Point Meridian Capital by 3.7% in the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock worth $1,311,000 after purchasing an additional 2,697 shares during the period. Kim LLC bought a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth about $192,821,000. Marshall Wace LLP lifted its stake in shares of 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 acquiring an additional 20,163 shares during the period. Finally, Envestnet Asset Management Inc. lifted 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 worth $2,908,000 after acquiring an additional 11,602 shares during the period.

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.