Sound Point Meridian Capital, Inc. (NYSE:SPMC) Declares -- 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. Investors of record on Monday, December 15th will be paid a dividend of 0.25 per share on Wednesday, December 31st. This represents a yield of 1,600.0%. The ex-dividend date of this dividend is Monday, December 15th.

Sound Point Meridian Capital Stock Performance

Shares of SPMC traded up $0.10 during trading hours on Monday, hitting $18.29. The stock had a trading volume of 27,539 shares, compared to its average volume of 28,127. Sound Point Meridian Capital has a 1-year low of $16.26 and a 1-year high of $22.30. The firm has a 50 day simple moving average of $17.91 and a 200-day simple moving average of $19.12.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate 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.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Marshall Wace LLP acquired a new stake in shares of Sound Point Meridian Capital in the fourth quarter worth $371,000. Envestnet Asset Management Inc. raised its stake 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 worth $2,908,000 after purchasing an additional 11,602 shares during the period. Finally, Everest Management Corp. acquired a new stake in shares of Sound Point Meridian Capital during the second quarter valued at about $1,303,000.

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.