Sound Point Meridian Capital (NYSE:SPMC) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

by · The Cerbat Gem

Sound Point Meridian Capital (NYSE:SPMC – Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.07), Zacks reports. The company had revenue of $12.57 million for the quarter, compared to the consensus estimate of $17.20 million.

Sound Point Meridian Capital Stock Up 2.0%

Shares of NYSE SPMC opened at $11.18 on Friday. The firm has a market cap of $229.09 million, a P/E ratio of -1.82 and a beta of 1.01. Sound Point Meridian Capital has a twelve month low of $8.36 and a twelve month high of $18.60. The company has a 50 day moving average of $10.02 and a 200 day moving average of $12.07.

Sound Point Meridian Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 21.5%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is -67.99%.

Insider Activity at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured purchased 242,718 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was purchased at an average price of $24.72 per share, for a total transaction of $5,999,988.96. Following the completion of the purchase, the insider directly owned 1,002,718 shares of the company’s stock, valued at $24,787,188.96. This trade represents a 31.94% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Sound Point Meridian Capital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital in the fourth quarter worth approximately $189,000. Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital during the 3rd quarter valued at $267,000. Virtus Investment Advisers LLC lifted its holdings in shares of Sound Point Meridian Capital by 7.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after buying an additional 2,061 shares during the period. Marshall Wace LLP boosted 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 buying an additional 20,163 shares during the last quarter. Finally, Kim LLC bought a new stake in shares of Sound Point Meridian Capital in the second quarter worth $192,821,000.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. B. Riley Financial decreased their price objective on Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, March 16th. Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday. Finally, Compass Point set a $12.00 price target on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Sound Point Meridian Capital has a consensus rating of “Hold” and an average target price of $16.10.

Get Our Latest Analysis on Sound Point Meridian Capital

Sound Point Meridian Capital Company Profile

(Get Free Report)

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. Sound Point Meridian Capital Inc is based in NEW YORK.

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