Sound Point Meridian Capital (NYSE:SPMC) Stock Lifted to “Strong-Buy” by Zacks Research

Zacks Research upgraded shares of Sound Point Meridian Capital (NYSE:SPMC) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday,Zacks reports.

Separately, B. Riley Financial dropped their target price on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $15.12.

Sound Point Meridian Capital Stock Down 0.4%

Sound Point Meridian Capital stock opened at $5.68 on Tuesday. The stock has a 50-day simple moving average of $8.34 and a 200 day simple moving average of $10.16. The stock has a market capitalization of $116.53 million, a price-to-earnings ratio of -0.98 and a beta of 1.20. Sound Point Meridian Capital has a 12-month low of $5.49 and a 12-month high of $16.75.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). The business had revenue of $12.42 million for the quarter, compared to analysts’ expectations of $14.18 million. As a group, sell-side analysts anticipate that Sound Point Meridian Capital will post 1.11 EPS for the current year.

Sound Point Meridian Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, December 15th. This represents a $1.56 annualized dividend and a dividend yield of 27.4%. Sound Point Meridian Capital’s payout ratio is currently -26.99%.

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new stake in Sound Point Meridian Capital stock. Advisory Solutions Group LLC acquired a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 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 investing in collateralized loan obligations (CLOs). The company primarily seeks exposure to CLO equity and junior debt tranches, which are backed by pools of senior secured loans made to corporate borrowers.

Sound Point Meridian Capital is externally managed by an affiliate of Sound Point Capital Management, an alternative investment manager. Its investment strategy is designed to provide shareholders with income and potential capital appreciation through a diversified portfolio of CLO investments rather than through the direct operation of businesses or the sale of consumer products and services.

The company invests in U.S.