Sound Point Meridian Capital, Inc. (NYSE:SPMC) Declares Dividend of $0.25

Key Points

• Sound Point Meridian Capital, Inc. declared a dividend of $0.25 per share, with an impressive dividend yield of 1,637.0%, payable on August 29th to stockholders of record as of August 18th.
• The company reported strong earnings of $0.66 per share for the last quarter, surpassing analyst expectations, and generated revenue of $22.66 million, exceeding predictions.
• Alliance Global Partners initiated coverage on Sound Point Meridian Capital with a "buy" rating and a target price of $20.00 on the stock.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) announced a dividend on Tuesday, August 12th, investing.com reports. Stockholders of record on Monday, August 18th will be given a dividend of 0.25 per share on Friday, August 29th. This represents a dividend yield of 1,637.0%. The ex-dividend date is Friday, August 15th.

Sound Point Meridian Capital Stock Performance

NYSE:SPMC opened at $18.20 on Tuesday. Sound Point Meridian Capital has a 52 week low of $16.26 and a 52 week high of $22.30. The stock's 50-day moving average price is $17.91 and its 200-day moving average price is $19.11.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.06. The business had revenue of $22.66 million during the quarter, compared to analysts' expectations of $20.48 million.

Analysts Set New Price Targets

Separately, Alliance Global Partners initiated coverage on Sound Point Meridian Capital in a research report on Friday, July 18th. They issued a "buy" rating and a $20.00 target price on the stock.

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.

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