Sound Point Meridian Capital (NYSE:SPMC) Now Covered by B. Riley

B. Riley started coverage on shares of Sound Point Meridian Capital (NYSE:SPMC) in a report published on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $22.50 target price on the stock. 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 research note on Tuesday, July 9th. They issued an outperform rating and a $21.00 target price on the stock.

Sound Point Meridian Capital Stock Down 1.5 %

SPMC opened at $19.58 on Wednesday. Sound Point Meridian Capital has a 1-year low of $18.20 and a 1-year high of $20.65. The firm has a fifty day moving average of $19.74.

Sound Point Meridian Capital Dividend Announcement

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

Insider Activity at Sound Point Meridian Capital

In other Sound Point Meridian Capital 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 bought at an average cost of $19.90 per share, for a total transaction 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Trading of Sound Point Meridian Capital

A number of institutional investors have recently modified their holdings of SPMC. Envestnet Asset Management Inc. purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at approximately $2,860,000. Choreo LLC purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at approximately $827,000. Finally, Frank Rimerman Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at approximately $200,000.

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.