Insider Buying: Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Buys 1,000 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum purchased 1,000 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was acquired at an average price of $20.32 per share, with a total value of $20,320.00. Following the completion of the transaction, the chairman now owns 17,326 shares of the company’s stock, valued at $352,064.32. This represents a 6.13 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Stephen Ketchum also recently made the following trade(s):

• On Thursday, November 21st, Stephen Ketchum acquired 4,000 shares of Sound Point Meridian Capital stock. The shares were bought at an average price of $20.32 per share, for a total transaction of $81,280.00.
• On Wednesday, August 28th, Stephen Ketchum bought 7,326 shares of Sound Point Meridian Capital stock. The shares were bought at an average price of $19.90 per share, with a total value of $145,787.40.

Sound Point Meridian Capital Stock Up 0.7 %

Shares of Sound Point Meridian Capital stock opened at $20.53 on Friday. The stock’s 50 day moving average price is $19.63. Sound Point Meridian Capital, Inc. has a 1-year low of $18.20 and a 1-year high of $21.43.

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This represents a $2.88 annualized dividend and a yield of 14.03%. The ex-dividend date of this dividend is Friday, March 14th.

Hedge Funds Weigh In On Sound Point Meridian Capital

Hedge funds and other institutional investors have recently modified their holdings of the business. Frank Rimerman Advisors LLC bought a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth $200,000. Oppenheimer & Co. Inc. acquired a new position in Sound Point Meridian Capital during the third quarter worth about $272,000. Choreo LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter worth about $827,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Sound Point Meridian Capital in the second quarter worth about $2,860,000.

Analyst Upgrades and Downgrades

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