Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum Buys 1,000 Shares

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum bought 1,000 shares of Sound Point Meridian Capital stock in a transaction dated Tuesday, November 19th. The stock was acquired at an average cost of $20.32 per share, with a total value of $20,320.00. Following the transaction, the chairman now owns 17,326 shares of the company’s stock, valued at $352,064.32. This trade represents a 6.13 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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, with a total value of $81,280.00.
• On Wednesday, August 28th, Stephen Ketchum acquired 7,326 shares of Sound Point Meridian Capital stock. The stock was purchased at an average price of $19.90 per share, for a total transaction of $145,787.40.

Sound Point Meridian Capital Trading Up 2.1 %

Shares of SPMC traded up $0.43 during midday trading on Friday, reaching $20.81. The stock had a trading volume of 16,424 shares, compared to its average volume of 19,717. Sound Point Meridian Capital, Inc. has a 12-month low of $18.20 and a 12-month high of $21.43. The business has a 50-day moving average price of $19.62.

Sound Point Meridian Capital Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.88 annualized dividend and a yield of 13.84%.

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 target on the stock.

Hedge Funds Weigh In On Sound Point Meridian Capital

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