Sound Point Meridian Capital (NYSE:SPMC) Stock Price Down 0.3% - Here's Why

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)'s stock price was down 0.3% during trading on Tuesday . The company traded as low as $17.75 and last traded at $17.89. Approximately 22,558 shares were traded during trading, an increase of 20% from the average daily volume of 18,840 shares. The stock had previously closed at $17.94.

Wall Street Analyst Weigh In

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

Sound Point Meridian Capital Price Performance

The company has a market capitalization of $359.88 million, a PE ratio of 12.53 and a beta of 0.26. The company's fifty day moving average is $17.88 and its 200-day moving average is $18.98.

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

Sound Point Meridian Capital Announces Dividend

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

Institutional Investors Weigh In On Sound Point Meridian Capital

Several institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its stake 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 in the last quarter. Marshall Wace LLP acquired a new stake in Sound Point Meridian Capital in the fourth quarter valued at approximately $371,000. Everest Management Corp. acquired a new stake in Sound Point Meridian Capital in the second quarter valued at approximately $1,303,000. Finally, Kim LLC acquired a new stake in Sound Point Meridian Capital in the second quarter valued at approximately $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.