Lewin Lana, a director at Sound Point Meridian Capital, Inc. (NASDAQ:SPMC), recently purchased shares of the company, according to a filing with the Securities and Exchange Commission. On November 20, Lana acquired 492 shares of common stock at a weighted average price of approximately $20.4459 per share, with the transaction totaling $10,059. The shares were bought in multiple transactions at prices ranging from $20.44 to $20.45. Following this transaction, Lana directly owns 492 shares of Sound Point Meridian Capital.
In other recent news, Sound Point Meridian Capital, Inc. reported an unaudited net asset value (NAV) per share estimate as of October 31, 2024, to be between $20.55 and $20.65. Earlier, the company had disclosed an estimated NAV per share range between $19.55 and $19.65 as of September 30, 2024. Sound Point Meridian Capital has also seen significant changes in its leadership structure, with Matthew Forstenhausler replacing Steven Lipiner as Director and Chair of the Audit Committee, and Lucas D. Foss taking over as Chief Compliance Officer.
On the analyst front, B.Riley has given the company a new Buy rating, citing potential for cash flow arbitrage from CLO equity. Similarly, Oppenheimer has given the company an Outperform rating, projecting earnings per share of $1.11 for 2024, $2.52 for 2025, and $2.54 for 2026. These recent developments offer insights into the company's prospects.
The company's shares have an estimated fair value of $20.65, leading Oppenheimer to set a price target of $21.00. These updates are part of the recent developments within Sound Point Meridian Capital, Inc. and are essential for investors to make informed decisions.
InvestingPro Insights
The recent insider purchase by director Lewin Lana aligns with Sound Point Meridian Capital's (NASDAQ:SPMC) attractive dividend profile. According to InvestingPro data, the company boasts a substantial dividend yield of 14.13% for 2024, with the most recent ex-dividend date on November 15, 2024. This high yield could be a factor in Lana's decision to increase his stake in the company.
InvestingPro Tips reveal that SPMC "pays a significant dividend to shareholders," which corroborates the impressive yield figure. This generous dividend policy may attract income-focused investors, potentially supporting the stock's valuation.
The stock's recent performance has been positive, with a 7.43% price total return over the past month and a 7.9% return year-to-date. Moreover, SPMC is currently trading at 97.53% of its 52-week high, indicating strong momentum. This is further supported by another InvestingPro Tip stating that the stock is "trading near 52-week high."
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a fuller picture of SPMC's investment potential. The InvestingPro product includes several more tips that could be valuable for those considering an investment in Sound Point Meridian Capital.
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