Sound Point Meridian Capital (NYSE:SPMC) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Sound Point Meridian Capital (NYSE:SPMC) posted its earnings results on Wednesday. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.11, Zacks reports.

Sound Point Meridian Capital Stock Up 1.1 %

Shares of NYSE SPMC traded up $0.24 during midday trading on Wednesday, hitting $21.24. The company had a trading volume of 17,895 shares, compared to its average volume of 29,024. The business has a 50-day simple moving average of $20.65 and a two-hundred day simple moving average of $20.06. Sound Point Meridian Capital has a twelve month low of $18.20 and a twelve month high of $21.97.

Sound Point Meridian Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 14.13%. The ex-dividend date is Friday, June 13th.

Insider Buying and Selling at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum acquired 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the transaction, the chairman now directly owns 23,326 shares of the company’s stock, valued at approximately $473,984.32. This represents a 20.70 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders purchased 6,000 shares of company stock valued at $121,850.

Analysts Set New Price Targets

Separately, B. Riley raised Sound Point Meridian Capital to a “strong-buy” rating in a research report on Tuesday, January 7th.

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.