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

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 Trading Down 0.2%

SPMC stock traded down $0.04 on Wednesday, hitting $18.06. The company had a trading volume of 13,726 shares, compared to its average volume of 28,412. Sound Point Meridian Capital has a 12-month low of $16.26 and a 12-month high of $22.30. The stock's 50-day simple moving average is $17.92 and its 200 day simple moving average is $19.18.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last posted its quarterly 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 firm had revenue of $22.66 million during the quarter, compared to the consensus estimate of $20.48 million.

Analysts Set New Price Targets

Separately, Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a research note on Friday, July 18th. They issued a "buy" rating and a $20.00 price objective for the company.

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.

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