Sound Point Meridian Capital (NYSE:SPMC) Issues Quarterly Earnings Results

Sound Point Meridian Capital (NYSE:SPMC) posted its earnings results on Wednesday. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.11, Zacks reports.

Sound Point Meridian Capital Trading Up 1.1 %

NYSE:SPMC traded up $0.24 during midday trading on Wednesday, reaching $21.24. 17,895 shares of the company traded hands, compared to its average volume of 29,024. The company has a fifty day moving average price of $20.65 and a 200 day moving average price of $20.06. Sound Point Meridian Capital has a twelve month low of $18.20 and a twelve month high of $21.97.

Sound Point Meridian Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 14.13%. The ex-dividend date is Friday, June 13th.

Analysts Set New Price Targets

Separately, B. Riley upgraded shares of Sound Point Meridian Capital to a “strong-buy” rating in a research note on Tuesday, January 7th.

Insiders Place Their Bets

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum purchased 4,000 shares of Sound Point Meridian Capital stock in a transaction on Thursday, November 21st. The stock was bought at an average price of $20.32 per share, for a total transaction of $81,280.00. Following the transaction, the chairman now owns 23,326 shares of the company’s stock, valued at $473,984.32. The trade was a 20.70 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have purchased 6,000 shares of company stock valued at $121,850 over the last three months.

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.