Sound Point Meridian Capital (NYSE:SPMC) Announces Earnings Results, Misses Expectations By $0.03 EPS

Key Points

• Sound Point Meridian Capital reported an earnings per share (EPS) of $0.53, falling short of the consensus estimate of $0.56 by $0.03.
• The company announced a quarterly dividend of $0.25 per share, with a yield of 1,637.0%, payable on August 29th to shareholders on record by August 18th.
• Alliance Global Partners initiated coverage on Sound Point Meridian Capital, assigning a "buy" rating with a price target of $20.00.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.03), Zacks reports.

Sound Point Meridian Capital Price Performance

Sound Point Meridian Capital stock traded up $0.09 during midday trading on Tuesday, hitting $18.42. 46,450 shares of the company's stock were exchanged, compared to its average volume of 28,274. Sound Point Meridian Capital has a 52-week low of $16.26 and a 52-week high of $22.30. The stock has a 50-day moving average price of $17.91 and a two-hundred day moving average price of $19.11.

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be given a dividend of $0.25 per share. This represents a yield of 1,637.0%. The ex-dividend date is Friday, August 15th.

Analysts Set New Price Targets

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