Sound Point Meridian Capital, Inc. (SPMC) to Issue Monthly Dividend of $0.24 on February 28th

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Monday, November 11th,Wall Street Journal reports. Investors of record on Friday, February 14th will be paid a dividend of 0.24 per share on Friday, February 28th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 13.80%. The ex-dividend date is Friday, February 14th. This is an increase from Sound Point Meridian Capital’s previous monthly dividend of $0.22.

Sound Point Meridian Capital Stock Performance

Shares of NYSE:SPMC opened at $20.88 on Wednesday. The company has a fifty day simple moving average of $20.64 and a 200 day simple moving average of $20.06. Sound Point Meridian Capital has a 12-month low of $18.20 and a 12-month high of $21.97.

Insider Activity

In related news, Chairman Stephen Ketchum acquired 4,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the completion of the purchase, the chairman now directly owns 23,326 shares in the company, valued at $473,984.32. This trade represents a 20.70 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders bought 6,000 shares of company stock valued at $121,850.

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.

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.