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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Friday, February 7th,Wall Street Journal reports. Investors of record on Friday, June 13th will be given 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 is Friday, June 13th.

Sound Point Meridian Capital Stock Performance

SPMC opened at $20.93 on Friday. The business has a 50 day moving average price of $20.62 and a two-hundred day moving average price of $20.03. Sound Point Meridian Capital has a 1-year low of $18.20 and a 1-year high of $21.97.

Analysts Set New Price Targets

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

Insider Transactions at Sound Point Meridian Capital

In related news, Chairman Stephen Ketchum purchased 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average price of $20.32 per share, with a total value of $81,280.00. Following the purchase, 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 position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have purchased 6,000 shares of company stock valued at $121,850 over the last three months.

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.