Sound Point Meridian Capital, Inc. (NYSE:SPMC) Plans Monthly Dividend of $0.13

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Thursday, November 12th. Shareholders of record on Friday, January 15th will be paid a dividend of $0.13 per share on Friday, January 29th. This represents a $1.56 dividend on an annualized basis and a yield of 24.9%. The ex-dividend date of this dividend is Friday, January 15th.

Sound Point Meridian Capital Price Performance

SPMC opened at $6.26 on Friday. The stock has a market capitalization of $128.43 million, a price-to-earnings ratio of 3.78 and a beta of 1.39. The business has a 50-day moving average of $7.58 and a two-hundred day moving average of $9.70. Sound Point Meridian Capital has a 12 month low of $5.43 and a 12 month high of $16.67.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Thursday, November 12th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.01). The firm had revenue of $12.82 million for the quarter, compared to analyst estimates of $13.17 million. Equities research analysts anticipate that Sound Point Meridian Capital will post 1.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SPMC. Zacks Research upgraded shares of Sound Point Meridian Capital from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 27th. B. Riley Financial dropped their price objective on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital, Inc. is a publicly traded investment company focused on collateralized loan obligations (CLOs). It invests primarily in CLO equity and debt securities, which provide exposure to portfolios of corporate loans. Through these investments, the company participates in the financing of businesses whose loans are held in CLO portfolios. Its investment approach centers on selecting CLO securities rather than directly originating loans to companies. Sound Point Meridian Capital is externally managed by an affiliate of Sound Point Capital Management, a credit-focused investment manager.