Sound Point Meridian Capital (NYSE:SPMC) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Sound Point Meridian Capital (NYSE:SPMC) from a strong sell rating to a hold rating in a report issued on Tuesday,Zacks.com reports.

Separately, Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Sound Point Meridian Capital currently has a consensus rating of “Hold” and a consensus target price of $15.12.

Sound Point Meridian Capital Price Performance

NYSE SPMC opened at $10.07 on Tuesday. The firm has a market capitalization of $206.54 million, a P/E ratio of -1.64 and a beta of 1.20. Sound Point Meridian Capital has a 1-year low of $8.36 and a 1-year high of $18.60. The business’s 50-day simple moving average is $10.53 and its 200-day simple moving average is $10.84.

Sound Point Meridian Capital (NYSE:SPMC) last issued its earnings results on Thursday, May 28th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07). The firm had revenue of $12.57 million during the quarter, compared to analyst estimates of $17.20 million. On average, equities research analysts expect that Sound Point Meridian Capital will post 1.22 EPS for the current fiscal year.

Sound Point Meridian Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 23.8%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is -39.09%.

Hedge Funds Weigh In On Sound Point Meridian Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtus Investment Advisers LLC grew its stake in 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 purchasing an additional 2,061 shares in the last quarter. Everest Management Corp. grew its holdings in Sound Point Meridian Capital by 5.6% during the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after acquiring an additional 4,243 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital in the 4th quarter worth about $189,000. Citadel Advisors LLC bought a new position in shares of Sound Point Meridian Capital during the third quarter worth about $267,000. Finally, Marshall Wace LLP grew its stake in Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares in the last quarter.

About Sound Point Meridian Capital

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.