Sound Point Meridian Capital (NYSE:SPMC) Stock Rating Raised to “Hold” at Zacks Research

Zacks Research upgraded shares of Sound Point Meridian Capital (NYSE:SPMC) from a strong sell rating to a hold rating in a report published on Monday,Zacks reports.

Separately, B. Riley Financial lowered their price objective on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Sound Point Meridian Capital currently has an average rating of “Hold” and an average price target of $15.12.

Sound Point Meridian Capital Trading Up 0.2%

Shares of Sound Point Meridian Capital stock opened at $8.34 on Monday. Sound Point Meridian Capital has a 12-month low of $7.82 and a 12-month high of $18.20. The company has a market cap of $170.84 million, a P/E ratio of -1.44 and a beta of 1.14. The company’s fifty day simple moving average is $9.61 and its two-hundred day simple moving average is $9.99.

Sound Point Meridian Capital (NYSE:SPMC) last posted its 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 firm had revenue of $12.42 million for the quarter, compared to analysts’ expectations of $14.18 million. Analysts predict that Sound Point Meridian Capital will post 1.41 EPS for the current fiscal year.

Sound Point Meridian Capital Dividend Announcement

The firm also recently announced 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 18.7%. The ex-dividend date is Tuesday, December 15th. Sound Point Meridian Capital’s payout ratio is -26.99%.

Institutional Trading of Sound Point Meridian Capital

An institutional investor recently bought a new position in Sound Point Meridian Capital stock. Advisory Solutions Group LLC purchased a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 31,935 shares of the company’s stock, valued at approximately $316,000. Advisory Solutions Group LLC owned 0.16% of Sound Point Meridian Capital at the end of the most recent reporting period.

About Sound Point Meridian Capital

Sound Point Meridian Capital, Inc (NYSE: SPMC) is a closed-end investment company focused on opportunities in the collateralized loan obligation (CLO) market. The company primarily invests in CLO equity and junior debt securities backed by diversified portfolios of corporate loans.

Its investment strategy is designed to generate current income and long-term total returns through exposure to broadly syndicated loans and structured credit markets. Sound Point Meridian Capital is externally managed by Sound Point Capital Management, an alternative investment manager specializing in credit and structured finance.

The company’s investments are primarily connected to the U.S.