Sound Point Meridian Capital (NYSE:SPMC) Upgraded at B. Riley

B. Riley upgraded shares of Sound Point Meridian Capital (NYSE:SPMC) to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

Sound Point Meridian Capital Price Performance

Sound Point Meridian Capital stock opened at $20.92 on Tuesday. The company has a 50 day moving average price of $20.45. Sound Point Meridian Capital has a 1-year low of $18.20 and a 1-year high of $21.97.

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, January 15th. This represents a $2.88 annualized dividend and a yield of 13.77%.

Insider Activity

In related news, Chairman Stephen Ketchum bought 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the completion of the acquisition, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired a total of 6,000 shares of company stock valued at $121,850 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SPMC. Choreo LLC acquired a new position in shares of Sound Point Meridian Capital in the 2nd quarter valued at $827,000. Envestnet Asset Management Inc. purchased a new stake in Sound Point Meridian Capital in the second quarter valued at $2,860,000. Frank Rimerman Advisors LLC purchased a new stake in Sound Point Meridian Capital in the second quarter valued at $200,000. Finally, Oppenheimer & Co. Inc. acquired a new position in Sound Point Meridian Capital in the third quarter valued at $272,000.

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.