Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum Acquires 4,000 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum bought 4,000 shares of the stock in a transaction on Thursday, November 21st. The shares were acquired at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the acquisition, the chairman now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Tuesday, November 19th, Stephen Ketchum purchased 1,000 shares of Sound Point Meridian Capital stock. The stock was purchased at an average price of $20.32 per share, for a total transaction of $20,320.00.
• On Wednesday, August 28th, Stephen Ketchum purchased 7,326 shares of Sound Point Meridian Capital stock. The stock was purchased at an average price of $19.90 per share, with a total value of $145,787.40.

Sound Point Meridian Capital Trading Down 0.3 %

Shares of NYSE:SPMC traded down $0.07 during trading on Thursday, reaching $20.38. The stock had a trading volume of 14,953 shares, compared to its average volume of 19,747. Sound Point Meridian Capital, Inc. has a 52 week low of $18.20 and a 52 week high of $21.43. The firm has a 50-day simple moving average of $19.62.

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 14.13%. The ex-dividend date is Friday, March 14th.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Sound Point Meridian Capital

A number of large investors have recently added to or reduced their stakes in SPMC. Frank Rimerman Advisors LLC purchased a new position in Sound Point Meridian Capital in the 2nd quarter worth approximately $200,000. Oppenheimer & Co. Inc. purchased a new position in shares of Sound Point Meridian Capital in the third quarter valued at $272,000. Choreo LLC bought a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth approximately $827,000. Finally, Envestnet Asset Management Inc. purchased a new position in Sound Point Meridian Capital during the second quarter valued at approximately $2,860,000.

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.