Sound Point Meridian Capital, Inc. (NYSE:SPMC) Raises Dividend to $0.24 Per Share

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Monday, November 11th,Wall Street Journal reports. Shareholders of record on Friday, February 14th will be given a dividend of 0.24 per share on Friday, February 28th. This represents a $2.88 annualized dividend and a yield of 14.06%. The ex-dividend date is Friday, February 14th. This is an increase from Sound Point Meridian Capital’s previous monthly dividend of $0.22.

Sound Point Meridian Capital Stock Down 2.4 %

SPMC opened at $20.49 on Tuesday. Sound Point Meridian Capital has a one year low of $18.20 and a one year high of $21.43. The firm’s fifty day moving average price is $19.57.

Insiders Place Their Bets

In related news, Chairman Stephen Ketchum acquired 7,326 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was bought at an average cost of $19.90 per share, with a total value of $145,787.40. Following the acquisition, the chairman now owns 7,326 shares of the company’s stock, valued at approximately $145,787.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Separately, B. Riley started coverage on Sound Point Meridian Capital in a research note on Wednesday, October 9th. They issued a “buy” rating and a $22.50 target price on the stock.

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.