Sound Point Meridian Capital, Inc. (NYSE:SPMC) Announces $0.20 Monthly Dividend

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Wednesday, February 11th. Shareholders of record on Monday, June 15th will be given a dividend of 0.20 per share on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 20.8%. The ex-dividend date is Monday, June 15th.

Sound Point Meridian Capital Stock Down 10.3%

SPMC opened at $11.54 on Thursday. Sound Point Meridian Capital has a 52-week low of $11.45 and a 52-week high of $22.30. The company has a market cap of $236.54 million, a P/E ratio of 57.70 and a beta of 0.32. The firm’s 50-day moving average price is $13.83 and its 200-day moving average price is $15.94.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.09).

Analyst Ratings Changes

A number of brokerages have recently weighed in on SPMC. Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday. B.Riley Securit lowered Sound Point Meridian Capital from a “strong-buy” rating to a “hold” rating in a report on Wednesday. B. Riley Financial cut Sound Point Meridian Capital from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, Oppenheimer set a $20.00 target price on Sound Point Meridian Capital in a research report on Monday, December 1st. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Sound Point Meridian Capital currently has a consensus rating of “Hold” and a consensus price target of $17.30.

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