Sound Point Meridian Capital (NYSE:SPMC) Rating Increased to Strong-Buy at B. Riley

B. Riley upgraded shares of Sound Point Meridian Capital (NYSE:SPMC) to a strong-buy rating in a research report released on Tuesday morning,Zacks.com reports.

Sound Point Meridian Capital Price Performance

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

Sound Point Meridian Capital Dividend Announcement

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

Insider Transactions at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum bought 4,000 shares of Sound Point Meridian Capital stock in a transaction dated Thursday, November 21st. The stock was acquired 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 directly owns 23,326 shares of the company’s stock, valued at approximately $473,984.32. This represents a 20.70 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought 6,000 shares of company stock valued at $121,850 over the last ninety days.

Hedge Funds Weigh In On Sound Point Meridian Capital

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

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.