Sound Point Meridian Capital (NYSE:SPMC) Trading Down 0.6% - What's Next?

Key Points

• Sound Point Meridian Capital (NYSE:SPMC) saw its stock price decrease by 0.6% to $17.88, with trading volume down 54% compared to its average daily volume.
• Analysts have varied opinions on the stock, with Zacks upgrading it to a "hold" rating and Compass Point setting a price target of $20.00, while the consensus average rating is "Buy."
• The company declared a $0.25 monthly dividend scheduled for payment on November 28th, representing an annualized yield of 16.8%.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) dropped 0.6% during trading on Wednesday . The company traded as low as $17.82 and last traded at $17.88. Approximately 8,003 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 17,436 shares. The stock had previously closed at $17.99.

Analysts Set New Price Targets

SPMC has been the topic of a number of recent analyst reports. Zacks Research upgraded Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Compass Point set a $20.00 price target on Sound Point Meridian Capital in a research report on Tuesday, September 30th. Finally, Alliance Global Partners initiated 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 on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $20.00.

Sound Point Meridian Capital Price Performance

The stock has a 50-day simple moving average of $17.86 and a 200-day simple moving average of $18.21. The stock has a market cap of $361.71 million, a P/E ratio of 12.59 and a beta of 0.22.

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

Sound Point Meridian Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a c) annualized dividend and a yield of 16.8%. Sound Point Meridian Capital's payout ratio is 211.27%.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. increased its holdings in shares of 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 valued at $2,908,000 after acquiring an additional 11,602 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock valued at $1,379,000 after buying an additional 20,163 shares during the last quarter. Everest Management Corp. purchased a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at $1,303,000. Finally, Kim LLC purchased a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at $192,821,000.

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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