Sound Point Meridian Capital (NYSE:SPMC) CEO Ujjaval Desai Purchases 8,000 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) CEO Ujjaval Desai purchased 8,000 shares of the stock in a transaction dated Wednesday, October 22nd. The shares were acquired at an average cost of $15.71 per share, with a total value of $125,680.00. Following the acquisition, the chief executive officer directly owned 78,579 shares in the company, valued at $1,234,476.09. This represents a 11.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Ujjaval Desai also recently made the following trade(s):

• On Monday, October 20th, Ujjaval Desai purchased 12,000 shares of Sound Point Meridian Capital stock. The shares were acquired at an average cost of $15.36 per share, with a total value of $184,320.00.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock opened at $15.63 on Thursday. 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 $319.84 million, a P/E ratio of 11.00 and a beta of 0.22. The stock has a fifty day moving average of $17.55 and a 200-day moving average of $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 analysts’ consensus estimates of $0.56 by ($0.03). The firm had revenue of $19.21 million during the quarter, compared to the consensus estimate of $20.72 million.

Sound Point Meridian Capital Announces Dividend

The company 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 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 yield of 19.2%. Sound Point Meridian Capital’s payout ratio is currently 211.27%.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. grew 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 valued at $2,908,000 after buying an additional 11,602 shares during the last quarter. Marshall Wace LLP grew its position 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 valued at $1,379,000 after buying an additional 20,163 shares during the last quarter. Everest Management Corp. bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at about $1,303,000. Finally, Kim LLC bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at about $192,821,000.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Alliance Global Partners assumed coverage on Sound Point Meridian Capital in a research report on Friday, July 18th. They set a “buy” rating and a $20.00 price objective on the stock. Compass Point set a $20.00 price objective on Sound Point Meridian Capital in a research report on Tuesday, September 30th. Finally, Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target 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.