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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Thursday, November 12th. Investors of record on Monday, March 15th will be paid a dividend of $0.13 per share on Wednesday, March 31st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 24.9%. The ex-dividend date is Monday, March 15th.

Sound Point Meridian Capital Stock Performance

SPMC opened at $6.26 on Friday. The business has a 50 day moving average price of $7.58 and a 200 day moving average price of $9.70. Sound Point Meridian Capital has a twelve month low of $5.43 and a twelve month high of $16.67. The firm has a market cap of $128.43 million, a P/E ratio of -1.08 and a beta of 1.39.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results on Thursday, November 12th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The business had revenue of $12.82 million during the quarter, compared to analysts’ expectations of $13.17 million. As a group, analysts anticipate that Sound Point Meridian Capital will post 1.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds and other institutional investors have recently made changes to their positions in SPMC. Advisory Solutions Group LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter worth about $316,000. Allied Private Wealth LLC acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth about $984,000. Finally, Everest Private Wealth lifted its position in shares of Sound Point Meridian Capital by 8.1% during the 3rd quarter. Everest Private Wealth now owns 108,612 shares of the company’s stock worth $913,000 after purchasing an additional 8,175 shares during the last quarter.

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.