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

Key Points

• Sound Point Meridian Capital, Inc. has announced a $0.25 dividend per share, with an impressive dividend yield of 1,600.0%, set to be distributed on December 31st to shareholders recorded by December 15th.
• The company's recent trading performance shows it opened at $18.06, with a twelve-month trading range between $16.26 and $22.30.
• In addition, significant institutional investments have been noted, including a new stake of $1.3 million acquired by Everest Management Corp. in the second quarter.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) declared a -- dividend on Thursday, August 7th, Wall Street Journal reports. Shareholders of record on Monday, December 15th will be given a dividend of 0.25 per share on Wednesday, December 31st. This represents a dividend yield of 1,600.0%. The ex-dividend date is Monday, December 15th.

Sound Point Meridian Capital Trading Down 0.2%

NYSE:SPMC opened at $18.06 on Thursday. Sound Point Meridian Capital has a twelve month low of $16.26 and a twelve month high of $22.30. The company has a fifty day moving average of $17.92 and a 200-day moving average of $19.18.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Marshall Wace LLP purchased a new position in shares of Sound Point Meridian Capital in the 4th quarter worth about $371,000. Everest Management Corp. purchased a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at about $1,303,000. Finally, Envestnet Asset Management Inc. raised its position in Sound Point Meridian Capital by 8.6% during the first 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.

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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