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

Key Points

• Sound Point Meridian Capital, Inc. has declared a $0.25 dividend to be paid on December 31st, representing a remarkable 1,600.0% dividend yield.
• The company's stock traded down by 0.2% to $18.06, with a 12-month high of $22.30 and a low of $16.26.
• Analysts from Alliance Global Partners have initiated coverage with a "buy" rating and a price target of $20.00 for the company's shares.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) declared a -- dividend on Wednesday, August 6th, Wall Street Journal reports. Stockholders of record on Monday, December 15th will be paid a dividend of 0.25 per share on Wednesday, December 31st. This represents a dividend yield of 1,600.0%. The ex-dividend date of this dividend is Monday, December 15th.

Sound Point Meridian Capital Price Performance

Shares of SPMC traded up $0.08 during trading hours on Friday, reaching $18.13. 3,666 shares of the company's stock traded hands, compared to its average volume of 18,401. Sound Point Meridian Capital has a twelve month low of $16.26 and a twelve month high of $22.30. The business's fifty day simple moving average is $17.91 and its two-hundred day simple moving average is $19.12.

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

Wall Street Analysts Forecast Growth

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

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.