Sound Point Meridian Capital (NYSE:SPMC) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Sound Point Meridian Capital (NYSE:SPMC) posted its earnings results 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 Up 1.5 %

Shares of Sound Point Meridian Capital stock opened at $21.88 on Friday. The firm’s fifty day simple moving average is $20.67 and its 200-day simple moving average is $20.07. Sound Point Meridian Capital has a 12 month low of $18.20 and a 12 month high of $22.24.

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, June 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 13.71%.

Insider Buying and Selling

In related news, Chairman Stephen Ketchum acquired 4,000 shares of Sound Point Meridian Capital stock in a transaction on Thursday, November 21st. The stock was purchased at an average cost of $20.32 per share, with a total value of $81,280.00. Following the purchase, the chairman now directly owns 23,326 shares in the company, valued at approximately $473,984.32. The trade was a 20.70 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired a total of 6,000 shares of company stock worth $121,850 in the last 90 days.

Analyst Ratings Changes

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

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.