Sound Point Meridian Capital (NYSE:SPMC) Upgraded at B. Riley

B. Riley upgraded shares of Sound Point Meridian Capital (NYSE:SPMC) to a strong-buy rating in a research note released on Tuesday morning, Zacks.com reports. B. Riley also issued estimates for Sound Point Meridian Capital’s Q3 2024 earnings at $0.65 EPS, Q4 2024 earnings at $0.67 EPS, FY2024 earnings at $1.25 EPS, Q1 2025 earnings at $0.68 EPS, Q2 2025 earnings at $0.69 EPS, Q3 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.70 EPS, FY2025 earnings at $2.75 EPS, Q1 2026 earnings at $0.71 EPS, Q2 2026 earnings at $0.72 EPS, Q3 2026 earnings at $0.73 EPS and FY2026 earnings at $2.88 EPS.

Separately, Oppenheimer assumed coverage on shares of Sound Point Meridian Capital in a report on Tuesday, July 9th. They issued an outperform rating and a $21.00 target price on the stock.

Sound Point Meridian Capital Trading Down 1.5 %

Shares of Sound Point Meridian Capital stock opened at $19.58 on Tuesday. Sound Point Meridian Capital has a 1 year low of $18.20 and a 1 year high of $20.65. The firm has a 50-day moving average of $19.74.

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $2.64 annualized dividend and a dividend yield of 13.48%.

Insider Buying and Selling

In related news, Chairman Stephen Ketchum purchased 7,326 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were purchased at an average price of $19.90 per share, with a total value of $145,787.40. Following the purchase, the chairman now owns 7,326 shares of the company’s stock, valued at $145,787.40. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of large investors have recently made changes to their positions in SPMC. Frank Rimerman Advisors LLC purchased a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at $200,000. Envestnet Asset Management Inc. purchased a new position in Sound Point Meridian Capital in the second quarter valued at about $2,860,000. Finally, Choreo LLC acquired a new position in Sound Point Meridian Capital in the 2nd quarter worth about $827,000.

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.