Sound Point Meridian Capital, Inc. (NYSE:SPMC) Declares $0.25 Monthly Dividend

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Wednesday, November 5th. Stockholders of record on Monday, March 16th will be given a dividend of 0.25 per share on Tuesday, March 31st. This represents a c) dividend on an annualized basis and a dividend yield of 18.2%. The ex-dividend date is Monday, March 16th.

Sound Point Meridian Capital Stock Up 1.7%

Shares of SPMC stock opened at $16.52 on Thursday. The stock has a 50-day simple moving average of $17.26 and a 200 day simple moving average of $17.87. The stock has a market capitalization of $338.23 million, a P/E ratio of 11.64 and a beta of 0.20. Sound Point Meridian Capital has a fifty-two week low of $15.01 and a fifty-two week high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.03). The firm had revenue of $19.21 million for the quarter, compared to the consensus estimate of $20.72 million.

Analyst Ratings Changes

A number of research firms have recently issued reports on SPMC. Alliance Global Partners initiated coverage on shares of Sound Point Meridian Capital in a research report on Friday, July 18th. They issued a “buy” rating and a $20.00 price target for the company. Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. Finally, Compass Point set a $20.00 price objective on Sound Point Meridian Capital in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price 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.