Sound Point Meridian Capital (SPMC) Expected to Release Quarterly Earnings on Wednesday

Key Points

• Sound Point Meridian Capital is expected to report quarterly earnings before the market opens on Wednesday, August 12. Analysts forecast earnings of $0.30 per share on $14.18 million in revenue, following the company’s prior-quarter miss.
• SPMC shares opened at $10.34, near their 52-week low of $8.36 and well below the 52-week high of $18.60. Analysts maintain a consensus “Hold” rating with a price target of $15.12.
• The company announced a monthly dividend of $0.20 per share, payable September 30 to shareholders of record on September 15, implying a reported annualized yield of 23.2%.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) is expected to be posting its results before the market opens on Wednesday, August 12th. Analysts expect the company to post earnings of $0.30 per share and revenue of $14.1830 million for the quarter.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last posted its earnings results on Thursday, May 28th. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.07). The business had revenue of $12.57 million during the quarter, compared to the consensus estimate of $17.20 million. On average, analysts expect Sound Point Meridian Capital to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock opened at $10.34 on Wednesday. The firm has a market capitalization of $211.87 million, a price-to-earnings ratio of -1.68 and a beta of 1.15. Sound Point Meridian Capital has a fifty-two week low of $8.36 and a fifty-two week high of $18.60. The stock's fifty day moving average is $10.49 and its two-hundred day moving average is $10.72.

Sound Point Meridian Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.20 dividend. This represents a c) dividend on an annualized basis and a yield of 23.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Sound Point Meridian Capital's dividend payout ratio is presently -39.09%.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds have recently modified their holdings of SPMC. Virtus Investment Advisers LLC raised its position in shares of Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company's stock valued at $407,000 after buying an additional 2,061 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. acquired a new stake in Sound Point Meridian Capital during the fourth quarter worth approximately $189,000. Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital in the 3rd quarter worth approximately $267,000. Marshall Wace LLP grew its stake in Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock worth $1,379,000 after acquiring an additional 20,163 shares during the period. Finally, Kim LLC acquired a new position in Sound Point Meridian Capital in the 2nd quarter valued at $192,821,000.

Analysts Set New Price Targets

Several analysts have issued reports on SPMC shares. Alliance Global Partners reaffirmed a "buy" rating on shares of Sound Point Meridian Capital in a report on Wednesday, May 27th. Zacks Research raised Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Sound Point Meridian Capital presently has an average rating of "Hold" and a consensus price target of $15.12.

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. Sound Point Meridian Capital Inc is based in NEW YORK.

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