Thomas J. Herzfeld Advisors Inc. Has $4.49 Million Stock Position 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. lowered its position in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC - Free Report) by 32.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 225,137 shares of the company's stock after selling 109,407 shares during the period. Sound Point Meridian Capital comprises about 1.5% of Thomas J. Herzfeld Advisors Inc.'s portfolio, making the stock its 16th biggest position. Thomas J. Herzfeld Advisors Inc. owned about 1.11% of Sound Point Meridian Capital worth $4,489,000 at the end of the most recent reporting period.

Separately, Marshall Wace LLP bought a new stake in Sound Point Meridian Capital during the 4th quarter worth $371,000.

Sound Point Meridian Capital Stock Performance

Shares of NYSE SPMC remained flat at $17.82 during trading on Friday. The company's stock had a trading volume of 92,267 shares, compared to its average volume of 20,029. The company has a 50 day simple moving average of $17.95 and a two-hundred day simple moving average of $18.86. Sound Point Meridian Capital, Inc. has a 1 year low of $16.26 and a 1 year high of $22.30. The company has a market cap of $360.50 million, a PE ratio of 12.55 and a beta of 0.26.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported $0.53 EPS 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 analysts' expectations of $20.72 million.

Sound Point Meridian Capital Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SPMC. Zacks Research upgraded Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research report on Tuesday. Alliance Global Partners started coverage on Sound Point Meridian Capital in a research report on Friday, July 18th. They set a "buy" rating and a $20.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Sound Point Meridian Capital currently has a consensus rating of "Buy" and a consensus price target of $21.25.

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.