Sound Point Meridian Capital, Inc. (NYSE:SPMC), a company headquartered in New York, reported on Friday that Steven Lipiner has resigned from his position as Director and Chair of the Audit Committee. The company stated that Lipiner's departure was not due to any disagreements or disputes related to the company's operations, policies, or practices.
Concurrently, the Board appointed Matthew Forstenhausler as a Class III Director and Chair of the Audit Committee, effective immediately. Forstenhausler, who is recognized as the company's "audit committee financial expert," brings extensive experience from his previous roles, including his current position as an Independent Director for Wilshire Mutual Funds, Inc. and his 38-year tenure with Ernst & Young LLP.
Forstenhausler's term is set to expire at the company’s 2027 annual meeting of stockholders, unless he resigns or is removed from office, dies, or becomes incapacitated before that time. The company has confirmed that there are no undisclosed arrangements or understandings regarding Forstenhausler's appointment, and there are no financial transactions involving him that would require disclosure under SEC regulations.
In other recent news, Sound Point Meridian Capital, Inc. has seen a significant change in its executive leadership as Ivana Kovačić steps down from her role as Chief Compliance Officer (CCO), making way for Lucas D. Foss to take the helm. Foss, with his extensive experience in fund services, is expected to continue his predecessor's work. This development marks a recent transition within the company's structure.
In other updates, Sound Point Meridian Capital received an Outperform rating from Oppenheimer, a notable analyst firm. This rating reflects Oppenheimer's positive outlook on the company's earnings potential, with projections indicating earnings per share (EPS) of $1.11 for 2024, $2.52 for 2025, and $2.54 for 2026. These EPS projections correspond to return on equities (ROEs) of 11.2%, 12.8%, and 13.1% for each year, respectively.
Finally, the estimated fair value of Sound Point Meridian Capital's shares is $20.65, a figure that has led Oppenheimer to set a price target of $21.00. The company's strategy of paying out what it earns until a formal dividend policy is established underpins this valuation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.