Sound Point Meridian Capital, Inc. (SPMC) to Issue Monthly Dividend of $0.25 on December 31st

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Tuesday, August 5th, Wall Street Journal reports. Investors of record on Monday, December 15th will be paid a dividend of 0.25 per share on Wednesday, December 31st. This represents a c) dividend on an annualized basis and a yield of 21.6%. The ex-dividend date of this dividend is Monday, December 15th.

Sound Point Meridian Capital Trading Down 0.5%

Shares of Sound Point Meridian Capital stock opened at $13.89 on Friday. The firm has a market capitalization of $284.60 million, a PE ratio of 69.43 and a beta of 0.25. The firm’s 50 day moving average is $15.84 and its 200 day moving average is $17.17. Sound Point Meridian Capital has a 1 year low of $13.06 and a 1 year high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings results on Thursday, November 13th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The firm had revenue of $20.23 million for the quarter, compared to the consensus estimate of $20.45 million.

Insider Activity at Sound Point Meridian Capital

In other news, CEO Ujjaval Desai bought 8,000 shares of the company’s stock in a transaction on Wednesday, October 22nd. The shares were acquired at an average cost of $15.71 per share, with a total value of $125,680.00. Following the completion of the transaction, the chief executive officer owned 78,579 shares of the company’s stock, valued at approximately $1,234,476.09. This trade represents a 11.33% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Guaranty Ltd Assured sold 1,882 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $16.64, for a total transaction of $31,316.48. Following the sale, the insider directly owned 5,281,112 shares of the company’s stock, valued at approximately $87,877,703.68. This represents a 0.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders bought 28,000 shares of company stock worth $434,270 and sold 16,929 shares worth $290,924. 0.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several large investors have recently bought and sold shares of SPMC. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the 3rd quarter worth about $267,000. Everest Management Corp. bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth about $1,303,000. Marshall Wace LLP grew its holdings in Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after purchasing an additional 20,163 shares during the last quarter. Finally, Kim LLC bought a new stake in Sound Point Meridian Capital in the second quarter worth about $192,821,000.

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.