Sound Point Meridian Capital, Inc. (NYSE:SPMC) to Issue $0.22 Monthly Dividend

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Thursday, August 15th, NASDAQ reports. Stockholders of record on Tuesday, October 15th will be given a dividend of 0.22 per share on Thursday, October 31st. This represents a $2.64 dividend on an annualized basis and a dividend yield of 13.48%. The ex-dividend date is Tuesday, October 15th.

Sound Point Meridian Capital Trading Down 1.5 %

Shares of Sound Point Meridian Capital stock traded down $0.30 during midday trading on Friday, reaching $19.58. 9,868 shares of the company’s stock traded hands, compared to its average volume of 31,669. The firm has a 50 day moving average of $19.74. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $20.65.

Analysts Set New Price Targets

SPMC has been the topic of a number of recent research reports. B. Riley started coverage on shares of Sound Point Meridian Capital in a report on Wednesday. They set a “buy” rating and a $22.50 price target on the stock. Oppenheimer started coverage on shares of Sound Point Meridian Capital in a report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, Chairman Stephen Ketchum purchased 7,326 shares of Sound Point Meridian Capital stock in a transaction on Wednesday, August 28th. The shares were purchased at an average cost of $19.90 per share, for a total transaction of $145,787.40. Following the completion of the transaction, the chairman now directly owns 7,326 shares in the company, valued at approximately $145,787.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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.