Sound Point Meridian Capital (NYSE:SPMC) Shares Down 0.3% - Time to Sell?

Key Points

• Sound Point Meridian Capital (NYSE:SPMC) shares fell by 0.3% on Tuesday, with a trading range between $17.75 and $17.89, reflecting a 20% increase in volume from its average daily trading.
• Analysts have given SPMC a "buy" rating and set a price target of $20.00, with an average target price of $21.25, indicating positive growth potential.
• The company recently announced a $0.25 dividend to be paid on August 29th, boasting an exceptionally high dividend yield of 1,637.0% despite a payout ratio of 211.27%.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) fell 0.3% during mid-day trading on Tuesday . The company traded as low as $17.75 and last traded at $17.89. 22,558 shares were traded during trading, an increase of 20% from the average session volume of 18,840 shares. The stock had previously closed at $17.94.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners began coverage on Sound Point Meridian Capital in a report on Friday, July 18th. They set a "buy" rating and a $20.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Strong Buy" and a consensus target price of $21.25.

Sound Point Meridian Capital Stock Down 0.0%

The company has a market capitalization of $359.83 million, a P/E ratio of 12.53 and a beta of 0.26. The stock has a fifty day simple moving average of $17.88 and a 200-day simple moving average of $18.95.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.03). The firm had revenue of $19.21 million during the quarter, compared to the consensus estimate of $20.72 million.

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be paid a $0.25 dividend. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 1,637.0%. Sound Point Meridian Capital's dividend payout ratio (DPR) is 211.27%.

Institutional Trading of Sound Point Meridian Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in SPMC. Marshall Wace LLP acquired a new stake in shares of Sound Point Meridian Capital in the fourth quarter valued at $371,000. Everest Management Corp. acquired a new stake in shares of Sound Point Meridian Capital in the second quarter valued at $1,303,000. Envestnet Asset Management Inc. boosted its holdings in Sound Point Meridian Capital by 8.6% in the first quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company's stock valued at $2,908,000 after acquiring an additional 11,602 shares during the last quarter. Finally, Kim LLC bought a new position in Sound Point Meridian Capital in the second quarter valued at about $192,821,000.

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.