Stephen Ketchum Purchases 1,000 Shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum purchased 1,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were bought at an average cost of $20.32 per share, with a total value of $20,320.00. Following the acquisition, the chairman now directly owns 17,326 shares of the company’s stock, valued at $352,064.32. This trade represents a 6.13 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Stephen Ketchum also recently made the following trade(s):

• On Thursday, November 21st, Stephen Ketchum purchased 4,000 shares of Sound Point Meridian Capital stock. The shares were purchased at an average price of $20.32 per share, with a total value of $81,280.00.
• On Wednesday, August 28th, Stephen Ketchum bought 7,326 shares of Sound Point Meridian Capital stock. The stock was acquired at an average price of $19.90 per share, for a total transaction of $145,787.40.

Sound Point Meridian Capital Trading Up 2.1 %

Shares of Sound Point Meridian Capital stock traded up $0.43 during trading on Friday, hitting $20.81. 16,424 shares of the stock traded hands, compared to its average volume of 19,717. Sound Point Meridian Capital, Inc. has a 52-week low of $18.20 and a 52-week high of $21.43. The firm’s fifty day moving average is $19.62.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.88 dividend on an annualized basis and a yield of 13.84%.

Wall Street Analyst Weigh In

Separately, B. Riley began coverage on shares of Sound Point Meridian Capital in a research report on Wednesday, October 9th. They issued a “buy” rating and a $22.50 price objective for the company.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. acquired a new position in Sound Point Meridian Capital in the second quarter valued at approximately $2,860,000. Choreo LLC acquired a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at about $827,000. Oppenheimer & Co. Inc. purchased a new position in shares of Sound Point Meridian Capital in the 3rd quarter valued at about $272,000. Finally, Frank Rimerman Advisors LLC acquired a new position in Sound Point Meridian Capital in the 2nd quarter worth about $200,000.

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.