Sound Point Meridian Capital (NYSE:SPMC) Shares Up 0.1% - Should You Buy?

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) shares rose 0.1% on Wednesday . The company traded as high as $17.47 and last traded at $17.39. Approximately 5,973 shares changed hands during trading, a decline of 75% from the average daily volume of 23,661 shares. The stock had previously closed at $17.37.

Sound Point Meridian Capital Stock Performance

The business's 50 day moving average is $18.34 and its two-hundred day moving average is $19.72.

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

Sound Point Meridian Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.00 dividend on an annualized basis and a yield of 17.16%.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. boosted its position in shares of Sound Point Meridian Capital by 15.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 15,920 shares of the company's stock worth $333,000 after acquiring an additional 2,145 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Sound Point Meridian Capital during the 4th quarter valued at about $371,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Sound Point Meridian Capital by 8.6% during the 1st 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 during the last quarter.

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.