Sound Point Meridian Capital (NYSE:SPMC) Stock Rating Upgraded by 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 morning,Zacks.com reports.

Sound Point Meridian Capital Price Performance

SPMC stock opened at $20.92 on Tuesday. The company has a 50-day moving average of $20.45. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $21.97.

Sound Point Meridian Capital Announces Dividend

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

Insiders Place Their Bets

In other news, Chairman Stephen Ketchum bought 4,000 shares of the company’s stock in a transaction 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 transaction, the chairman now owns 23,326 shares of the company’s stock, valued at $473,984.32. This trade represents a 20.70 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders acquired 6,000 shares of company stock valued at $121,850.

Institutional Investors Weigh In On Sound Point Meridian Capital

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