Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum Purchases 7,326 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum acquired 7,326 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was purchased at an average price of $19.90 per share, for a total transaction of $145,787.40. Following the completion of the purchase, the chairman now directly owns 7,326 shares in the company, valued at approximately $145,787.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Sound Point Meridian Capital Trading Down 0.2 %

Shares of NYSE SPMC opened at $20.02 on Friday. Sound Point Meridian Capital, Inc. has a fifty-two week low of $18.20 and a fifty-two week high of $20.65.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a dividend of $0.22 per share. This represents a $2.64 dividend on an annualized basis and a yield of 13.19%. The ex-dividend date of this dividend is Monday, December 16th.

Analyst Upgrades and Downgrades

Separately, Oppenheimer began coverage on shares of Sound Point Meridian Capital in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target on the stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of institutional investors and hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. bought a new stake in Sound Point Meridian Capital during the 2nd quarter worth approximately $2,860,000. Choreo LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter worth $827,000. Finally, Frank Rimerman Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital in the second quarter worth $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.