Sound Point Meridian Capital (NYSE:SPMC) Given New $6.50 Price Target at B. Riley Financial

Sound Point Meridian Capital (NYSE:SPMC) had its price target cut by B. Riley Financial from $10.00 to $6.50 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Zacks Research raised Sound Point Meridian Capital from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Sound Point Meridian Capital presently has an average rating of “Moderate Buy” and a consensus price target of $12.83.

Sound Point Meridian Capital Stock Down 4.2%

Shares of SPMC traded down $0.27 during mid-day trading on Friday, reaching $5.99. The company’s stock had a trading volume of 46,617 shares, compared to its average volume of 41,777. The company has a market cap of $122.69 million, a price-to-earnings ratio of -1.17 and a beta of 1.39. The business has a fifty day moving average of $7.50 and a 200 day moving average of $9.66. Sound Point Meridian Capital has a 1 year low of $5.43 and a 1 year high of $16.64.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings results on Thursday, November 12th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The firm had revenue of $12.82 million during the quarter, compared to analyst estimates of $13.31 million. On average, analysts predict that Sound Point Meridian Capital will post 1.11 earnings per share for the current year.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, March 31st. Investors of record on Monday, March 15th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Monday, March 15th. This represents a $1.56 dividend on an annualized basis and a yield of 26.1%. Sound Point Meridian Capital’s payout ratio is presently -26.99%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Everest Private Wealth boosted its stake in shares of Sound Point Meridian Capital by 8.1% during the 3rd quarter. Everest Private Wealth now owns 108,612 shares of the company’s stock valued at $913,000 after buying an additional 8,175 shares during the period. Allied Private Wealth LLC purchased a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at $984,000. Finally, Advisory Solutions Group LLC purchased a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at $316,000.

Latest Sound Point Meridian Capital News

These are some of the SPMC news items that stood out recently:

• Positive Sentiment: Zacks added SPMC to its Rank #1 (Strong Buy) lists for overall, income and value stocks, a favorable near-term rating signal. Zacks Strong Buy stocks
• Negative Sentiment: SPMC reported quarterly EPS of $0.28, below the $0.29 consensus and down from $0.54 a year earlier. Revenue of $12.82 million also missed the $13.17 million estimate, adding pressure to the outlook. Quarterly results
• Negative Sentiment: B. Riley lowered its price target from $10 to $6.50 and kept a Neutral rating. Although the new target implies 8.6% upside from $5.99, the substantial cut reflects reduced expectations. B. Riley rating

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital, Inc. is a publicly traded investment company focused on collateralized loan obligations (CLOs). It invests primarily in CLO equity and debt securities, which provide exposure to portfolios of corporate loans. Through these investments, the company participates in the financing of businesses whose loans are held in CLO portfolios. Its investment approach centers on selecting CLO securities rather than directly originating loans to companies. Sound Point Meridian Capital is externally managed by an affiliate of Sound Point Capital Management, a credit-focused investment manager.