Thomas J. Herzfeld Advisors Inc. Reduces Holdings in Sound Point Meridian Capital, Inc. $SPMC

Key Points

• Thomas J. Herzfeld Advisors Inc. reduced its stake in Sound Point Meridian Capital, Inc. by 32.7%, leaving it with 225,137 shares, making it the firm's 16th largest holding.
• Alliance Global Partners has initiated coverage with a buy rating and a price target of $20.00, while the stock has a consensus rating of Strong Buy with an average target price of $21.25.
• Sound Point Meridian Capital announced a dividend of $0.25 per share, with an ex-dividend date of August 15th, representing an unusually high dividend yield of 1,637.0%.

Thomas J. Herzfeld Advisors Inc. reduced its stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC - Free Report) by 32.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 225,137 shares of the company's stock after selling 109,407 shares during the quarter. Sound Point Meridian Capital accounts for 1.5% of Thomas J. Herzfeld Advisors Inc.'s holdings, making the stock its 16th largest position. Thomas J. Herzfeld Advisors Inc. owned approximately 1.11% of Sound Point Meridian Capital worth $4,489,000 as of its most recent filing with the Securities and Exchange Commission.

Separately, Envestnet Asset Management Inc. increased its holdings in shares of Sound Point Meridian Capital by 8.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company's stock valued at $2,908,000 after purchasing an additional 11,602 shares in the last quarter.

Sound Point Meridian Capital Stock Up 0.0%

Shares of Sound Point Meridian Capital stock traded up $0.01 during mid-day trading on Thursday, reaching $17.83. 19,175 shares of the stock traded hands, compared to its average volume of 19,872. The stock has a market capitalization of $360.60 million, a PE ratio of 6.67 and a beta of 0.26. The business has a 50-day moving average of $17.94 and a 200 day moving average of $18.90. Sound Point Meridian Capital, Inc. has a fifty-two week low of $16.26 and a fifty-two week high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.03). The business had revenue of $19.21 million during the quarter, compared to the consensus estimate of $20.72 million.

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a $0.25 dividend. The ex-dividend date is Friday, November 14th. This represents a c) dividend on an annualized basis and a dividend yield of 16.8%. Sound Point Meridian Capital's dividend payout ratio is 211.27%.

Analysts Set New Price Targets

SPMC has been the subject of a number of recent analyst reports. Alliance Global Partners assumed coverage on shares of Sound Point Meridian Capital in a report on Friday, July 18th. They issued a "buy" rating and a $20.00 price objective for the company. Zacks Research upgraded Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $21.25.

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.