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

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

Sound Point Meridian Capital Stock Up 2.6 %

NYSE SPMC opened at $21.55 on Thursday. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $21.97. The stock’s 50-day moving average price is $20.65 and its 200-day moving average price is $20.06.

Sound Point Meridian Capital Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 13.92%. The ex-dividend date of this dividend is Friday, June 13th.

Insider Activity at Sound Point Meridian Capital

In other news, Chairman Stephen Ketchum bought 4,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average price of $20.32 per share, for a total transaction of $81,280.00. Following the purchase, the chairman now owns 23,326 shares in the company, valued at $473,984.32. This represents a 20.70 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In the last ninety days, insiders purchased 6,000 shares of company stock worth $121,850.

Analyst Upgrades and Downgrades

Separately, B. Riley upgraded shares of 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.