Sound Point Meridian Capital, Inc. (NYSE:SPMC) Plans Monthly Dividend of $0.25

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Thursday, February 6th,Wall Street Journal reports. Stockholders of record on Friday, June 13th will be given a dividend of 0.25 per share on Monday, June 30th. This represents a $3.00 annualized dividend and a dividend yield of 14.34%. The ex-dividend date is Friday, June 13th. This is a boost from Sound Point Meridian Capital’s previous monthly dividend of $0.24.

Sound Point Meridian Capital Stock Up 1.0 %

Shares of SPMC traded up $0.22 during trading hours on Thursday, reaching $20.93. 28,444 shares of the stock traded hands, compared to its average volume of 29,181. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $21.97. The stock has a fifty day simple moving average of $20.62 and a 200 day simple moving average of $20.03.

Insider Transactions at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum bought 4,000 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was purchased at an average price 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 $473,984.32. This trade represents a 20.70 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders purchased a total of 6,000 shares of company stock worth $121,850 in the last quarter.

Analyst Upgrades and Downgrades

Separately, B. Riley upgraded Sound Point Meridian Capital to a “strong-buy” rating in a research note 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.