Insider Buying: Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Buys $20,320.00 in Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum acquired 1,000 shares of the stock in a transaction dated Tuesday, November 19th. The shares were purchased at an average price of $20.32 per share, for a total transaction of $20,320.00. Following the completion of the purchase, the chairman now directly owns 17,326 shares in the company, valued at $352,064.32. The trade was a 6.13 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Thursday, November 21st, Stephen Ketchum bought 4,000 shares of Sound Point Meridian Capital stock. The stock was purchased at an average price of $20.32 per share, with a total value of $81,280.00.
• On Wednesday, August 28th, Stephen Ketchum purchased 7,326 shares of Sound Point Meridian Capital stock. The shares were acquired at an average cost of $19.90 per share, for a total transaction of $145,787.40.

Sound Point Meridian Capital Stock Performance

Shares of SPMC opened at $20.53 on Friday. The company has a 50-day moving average of $19.63. Sound Point Meridian Capital, Inc. has a fifty-two week low of $18.20 and a fifty-two week high of $21.43.

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.88 dividend on an annualized basis and a yield of 14.03%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. bought a new stake in shares of Sound Point Meridian Capital during the second quarter worth approximately $2,860,000. Choreo LLC acquired a new stake in Sound Point Meridian Capital during the 2nd quarter worth approximately $827,000. Oppenheimer & Co. Inc. bought a new stake in Sound Point Meridian Capital in the 3rd quarter valued at $272,000. Finally, Frank Rimerman Advisors LLC acquired a new position in Sound Point Meridian Capital in the 2nd quarter valued at $200,000.

Analyst Upgrades and Downgrades

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.

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.