Sound Point Meridian Capital, Inc. (NYSE:SPMC) Plans $0.25 Monthly Dividend

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Friday, February 7th,Wall Street Journal reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.25 per share on Monday, June 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 14.34%. The ex-dividend date of this dividend is Friday, June 13th.

Sound Point Meridian Capital Stock Up 1.0 %

Shares of NYSE:SPMC opened at $20.93 on Friday. Sound Point Meridian Capital has a fifty-two week low of $18.20 and a fifty-two week high of $21.97. The firm has a 50-day simple moving average of $20.62 and a 200 day simple moving average of $20.03.

Insider Buying and Selling at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum purchased 4,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were bought at an average price of $20.32 per share, with a total value 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 represents a 20.70 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have purchased 6,000 shares of company stock worth $121,850.

Analysts Set New Price Targets

Separately, B. Riley upgraded Sound Point Meridian Capital to a “strong-buy” rating in a research report on Tuesday, January 7th.

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.