Sound Point Meridian Capital downgraded to Neutral at B. Riley on dividend cut

As previously reported, B. Riley analyst Timothy D’Agostino downgraded Sound Point Meridian Capital (SPMC) to Neutral from Buy with a price target of $12, down from $16. Net asset value pressure persists, yield compression lingers, and the monthly dividend is being cut from 25c to 20c per common share, the analyst noted. With the cut to the monthly for April, May, and June, the firm believes earnings power depletion should persist and could lead to additional dividend cuts, adds the analyst, who is lowering the firm’s net investment income per share estimates for fiscal years 2026 and 2027.