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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Tuesday, August 5th. Investors of record on Friday, November 14th will be given a dividend of 0.25 per share on Friday, November 28th. This represents a c) annualized dividend and a yield of 18.0%. The ex-dividend date of this dividend is Friday, November 14th.

Sound Point Meridian Capital Price Performance

Shares of NYSE SPMC traded up $0.07 during midday trading on Wednesday, hitting $16.63. The company’s stock had a trading volume of 7,076 shares, compared to its average volume of 27,051. The firm has a market capitalization of $340.31 million, a price-to-earnings ratio of 11.71 and a beta of 0.20. The business’s fifty day simple moving average is $17.16 and its two-hundred day simple moving average is $17.80. Sound Point Meridian Capital has a 1 year low of $15.01 and a 1 year high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.03). The firm had revenue of $19.21 million during the quarter, compared to analyst estimates of $20.72 million.

Insider Activity at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, CEO Ujjaval Desai acquired 8,000 shares of the stock in a transaction on Wednesday, October 22nd. The shares were bought at an average price of $15.71 per share, with a total value of $125,680.00. Following the acquisition, the chief executive officer owned 78,579 shares of the company’s stock, valued at $1,234,476.09. This trade represents a 11.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Guaranty Ltd Assured sold 1,882 shares of the stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $16.64, for a total value of $31,316.48. Following the transaction, the insider directly owned 5,281,112 shares of the company’s stock, valued at approximately $87,877,703.68. This trade represents a 0.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders bought 28,000 shares of company stock worth $434,270 and sold 16,827 shares worth $289,251.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its stake in shares of Sound Point Meridian Capital by 8.6% during the first quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company’s stock valued at $2,908,000 after acquiring an additional 11,602 shares during the last quarter. Everest Management Corp. purchased a new position in Sound Point Meridian Capital in the 2nd quarter valued at about $1,303,000. Marshall Wace LLP boosted its stake in shares of Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares during the last quarter. Finally, Kim LLC acquired a new position in shares of Sound Point Meridian Capital in the second quarter valued at approximately $192,821,000.

About Sound Point Meridian Capital

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.