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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Monday, November 11th,Wall Street Journal reports. Investors of record on Friday, February 14th will be paid a dividend of 0.24 per share on Friday, February 28th. This represents a $2.88 annualized dividend and a dividend yield of 14.06%. The ex-dividend date is Friday, February 14th. This is a positive change from Sound Point Meridian Capital’s previous monthly dividend of $0.22.

Sound Point Meridian Capital Price Performance

Shares of SPMC opened at $20.49 on Tuesday. Sound Point Meridian Capital has a twelve month low of $18.20 and a twelve month high of $21.43. The firm’s fifty day moving average price is $19.57.

Insider Activity at Sound Point Meridian Capital

In related news, Chairman Stephen Ketchum bought 7,326 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was purchased at an average cost of $19.90 per share, with a total value of $145,787.40. Following the transaction, the chairman now owns 7,326 shares in the company, valued at approximately $145,787.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

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