Zacks Research cut shares of Sound Point Meridian Capital (NYSE:SPMC – Free Report) from a hold rating to a strong sell rating in a research report released on Wednesday,Zacks.com reports.
Other equities analysts have also issued reports about the stock. B. Riley Financial cut their price target on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Sound Point Meridian Capital currently has a consensus rating of “Hold” and an average price target of $15.12.
Get Our Latest Research Report on SPMC
Sound Point Meridian Capital Price Performance
Sound Point Meridian Capital (NYSE:SPMC – Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). The business had revenue of $12.42 million for the quarter, compared to analyst estimates of $14.18 million. As a group, sell-side analysts expect that Sound Point Meridian Capital will post 1.04 EPS for the current year.
Sound Point Meridian Capital Dividend Announcement
The business also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a c) dividend on an annualized basis and a dividend yield of 16.8%. Sound Point Meridian Capital’s payout ratio is -41.52%.
Institutional Trading of Sound Point Meridian Capital
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisory Solutions Group LLC acquired a new position in shares of Sound Point Meridian Capital in the second quarter valued at about $316,000. Allied Private Wealth LLC purchased a new stake in Sound Point Meridian Capital in the second quarter valued at approximately $984,000. Virtus Investment Advisers LLC increased its holdings in Sound Point Meridian Capital by 7.5% in the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after buying an additional 2,061 shares during the period. Thomas J. Herzfeld Advisors Inc. purchased a new position in Sound Point Meridian Capital during the 4th quarter worth approximately $189,000. Finally, Everest Management Corp. raised its position in Sound Point Meridian Capital by 5.6% during the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after buying an additional 4,243 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. Sound Point Meridian Capital Inc is based in NEW YORK.
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