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

Sound Point Meridian Capital (NYSE:SPMC) issued 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 Trading Up 1.1 %

Shares of SPMC traded up $0.24 during midday trading on Wednesday, hitting $21.24. 18,219 shares of the stock were exchanged, compared to its average volume of 29,179. Sound Point Meridian Capital has a 52-week low of $18.20 and a 52-week high of $21.97. The stock has a fifty day simple moving average of $20.65 and a 200 day simple moving average of $20.06.

Sound Point Meridian Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 14.13%. The ex-dividend date of this dividend is Friday, June 13th.

Insider Buying and Selling

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum bought 4,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $20.32 per share, with a total value of $81,280.00. Following the purchase, the chairman now directly owns 23,326 shares in the company, valued at approximately $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 can be accessed through the SEC website. In the last 90 days, insiders have bought 6,000 shares of company stock valued at $121,850.

Analyst Ratings Changes

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

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.