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

Sound Point Meridian Capital (NYSE:SPMC) announced its quarterly earnings data 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 Stock Up 2.6 %

NYSE:SPMC opened at $21.55 on Thursday. Sound Point Meridian Capital has a 1 year low of $18.20 and a 1 year high of $21.97. The stock’s 50 day simple moving average is $20.65 and its two-hundred day simple moving average is $20.06.

Sound Point Meridian Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 13.92%. The ex-dividend date is Friday, June 13th.

Wall Street Analyst Weigh In

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

Insider Activity

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum bought 4,000 shares of Sound Point Meridian Capital stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the acquisition, the chairman now directly owns 23,326 shares in the company, valued at approximately $473,984.32. This represents a 20.70 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In the last ninety days, insiders bought 6,000 shares of company stock worth $121,850.

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.