B. Riley Begins Coverage on Sound Point Meridian Capital (NYSE:SPMC)

B. Riley initiated coverage on shares of Sound Point Meridian Capital (NYSE:SPMC) in a research report report published on Wednesday, MarketBeat 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 began coverage on shares of Sound Point Meridian Capital in a research note on Tuesday, July 9th. They set an outperform rating and a $21.00 price objective for the company.

Sound Point Meridian Capital Stock Down 1.5 %

NYSE SPMC opened at $19.58 on Wednesday. The stock’s fifty day moving average price is $19.74. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $20.65.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, October 31st. Stockholders 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 of this dividend is Tuesday, October 15th.

Insider Activity

In related news, Chairman Stephen Ketchum bought 7,326 shares of the stock in a transaction dated Wednesday, August 28th. The stock was purchased at an average cost of $19.90 per share, with a total value of $145,787.40. Following the completion of the purchase, the chairman now owns 7,326 shares of the company’s stock, valued at $145,787.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Institutional Trading of Sound Point Meridian Capital

Several institutional investors and hedge funds have recently made changes to their positions in the company. Frank Rimerman Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the second quarter valued at about $200,000. Envestnet Asset Management Inc. bought a new stake in shares of Sound Point Meridian Capital in the second quarter valued at about $2,860,000. Finally, Choreo LLC bought a new stake in shares of Sound Point Meridian Capital in the second quarter valued at about $827,000.

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.