Sound Point Meridian Capital, Inc. (NYSE:SPMC) Declares Monthly Dividend of $0.22

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Monday, August 19th,Wall Street Journal reports. Shareholders of record on Monday, December 16th will be given a dividend of 0.22 per share on Tuesday, December 31st. This represents a $2.64 dividend on an annualized basis and a yield of 12.33%. The ex-dividend date of this dividend is Monday, December 16th.

Sound Point Meridian Capital Stock Performance

Shares of NYSE:SPMC opened at $21.41 on Friday. The business’s fifty day simple moving average is $19.87. Sound Point Meridian Capital has a 1-year low of $18.20 and a 1-year high of $21.97.

Insider Activity at Sound Point Meridian Capital

In other news, Chairman Stephen Ketchum bought 4,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $20.32 per share, for a total transaction of $81,280.00. Following the transaction, the chairman now owns 23,326 shares in the company, valued at approximately $473,984.32. This trade represents a 20.70 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders purchased 6,000 shares of company stock worth $121,850 in the last 90 days.

Analysts Set New Price Targets

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