Insider Buying: Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Buys 1,000 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew E. Forstenhausler bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $20.25 per share, with a total value of $20,250.00. Following the completion of the transaction, the director now directly owns 1,000 shares in the company, valued at $20,250. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Sound Point Meridian Capital Stock Up 0.0 %

Shares of NYSE SPMC opened at $20.44 on Wednesday. Sound Point Meridian Capital, Inc. has a 1 year low of $18.20 and a 1 year high of $21.43. The firm’s 50-day simple moving average is $19.66.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $2.88 dividend on an annualized basis and a yield of 14.09%. The ex-dividend date of this dividend is Friday, March 14th.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

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

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.