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 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.11, Zacks reports.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock traded up $0.24 during mid-day trading on Wednesday, hitting $21.24. The company had a trading volume of 18,219 shares, compared to its average volume of 29,179. Sound Point Meridian Capital has a 1 year low of $18.20 and a 1 year high of $21.97. The business has a fifty day moving average of $20.65 and a 200 day moving average of $20.06.

Sound Point Meridian Capital Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 14.13%. The ex-dividend date is Friday, June 13th.

Insider Transactions at Sound Point Meridian Capital

In related news, Chairman Stephen Ketchum bought 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $20.32 per share, with a total value of $81,280.00. Following the transaction, the chairman now directly owns 23,326 shares of the company’s stock, valued at approximately $473,984.32. This represents a 20.70 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders purchased 6,000 shares of company stock worth $121,850.

Analyst Upgrades and Downgrades

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

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.