Sound Point Meridian Capital, Inc. (NYSE:SPMC) to Issue Monthly Dividend of $0.24

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Tuesday, November 12th,Wall Street Journal reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.24 per share on Monday, March 31st. This represents a $2.88 annualized dividend and a dividend yield of 14.46%. The ex-dividend date of this dividend is Friday, March 14th.

Sound Point Meridian Capital Trading Down 0.6 %

Shares of NYSE:SPMC traded down $0.13 during midday trading on Wednesday, hitting $19.92. The stock had a trading volume of 1,008 shares, compared to its average volume of 19,375. Sound Point Meridian Capital has a 12 month low of $18.20 and a 12 month high of $21.43. The business has a 50-day moving average of $19.57.

Insider Buying and Selling

In related news, Chairman Stephen Ketchum purchased 7,326 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price of $19.90 per share, with a total value of $145,787.40. Following the completion of the purchase, the chairman now directly owns 7,326 shares in the company, valued at $145,787.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Separately, B. Riley initiated coverage on shares of Sound Point Meridian Capital in a research report on Wednesday, October 9th. They issued a “buy” rating and a $22.50 price objective 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.