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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Thursday, November 12th. Stockholders of record on Friday, January 15th will be given a dividend of $0.13 per share on Friday, January 29th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 24.9%. The ex-dividend date of this dividend is Friday, January 15th.

Sound Point Meridian Capital Stock Up 6.2%

SPMC opened at $6.26 on Friday. The firm has a market capitalization of $128.43 million, a P/E ratio of 3.78 and a beta of 1.39. The firm’s 50 day moving average is $7.58 and its 200-day moving average is $9.70. Sound Point Meridian Capital has a 52-week low of $5.43 and a 52-week high of $16.67.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Thursday, November 12th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The firm had revenue of $12.82 million for the quarter, compared to analyst estimates of $13.17 million. Equities analysts expect 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

Institutional investors have recently modified their holdings of the stock. Allied Private Wealth LLC acquired a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at about $984,000. Everest Private Wealth lifted its position in shares of Sound Point Meridian Capital by 8.1% during the third 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. Finally, Advisory Solutions Group LLC acquired a new position in Sound Point Meridian Capital in the second quarter worth about $316,000.

About Sound Point Meridian Capital

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.