Sound Point Meridian Capital, Inc. (NYSE:SPMC) to Issue Monthly Dividend of $0.22

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Thursday, August 15th, NASDAQ reports. Stockholders of record on Tuesday, October 15th will be paid a dividend of 0.22 per share on Thursday, October 31st. This represents a $2.64 dividend on an annualized basis and a dividend yield of 13.48%. The ex-dividend date is Tuesday, October 15th.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock opened at $19.58 on Monday. The firm’s 50-day moving average is $19.74. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $20.65.

Insider Activity at Sound Point Meridian Capital

In other news, Chairman Stephen Ketchum acquired 7,326 shares of the stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average cost of $19.90 per share, for a total transaction of $145,787.40. Following the completion of the transaction, the chairman now owns 7,326 shares in the company, valued at approximately $145,787.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

A number of brokerages recently issued reports on SPMC. B. Riley began coverage on Sound Point Meridian Capital in a report on Wednesday, October 9th. They issued a “buy” rating and a $22.50 target price on the stock. Oppenheimer initiated coverage on shares of Sound Point Meridian Capital in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 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.