Matthew E. Forstenhausler Acquires 1,000 Shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew E. Forstenhausler purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $20.25 per share, for a total transaction of $20,250.00. Following the completion of the transaction, the director now owns 1,000 shares in the company, valued at approximately $20,250. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Sound Point Meridian Capital Price Performance

SPMC stock traded down $0.10 during trading on Monday, hitting $20.43. The company had a trading volume of 6,779 shares, compared to its average volume of 19,768. Sound Point Meridian Capital, Inc. has a 12 month low of $18.20 and a 12 month high of $21.43. The company has a 50-day simple moving average of $19.63.

Sound Point Meridian Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, March 14th. This represents a $2.88 annualized dividend and a dividend yield of 14.10%.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of hedge funds have recently bought and sold shares of the company. Oppenheimer & Co. Inc. purchased a new position in Sound Point Meridian Capital in the third quarter valued at about $272,000. Frank Rimerman Advisors LLC bought a new position in shares of Sound Point Meridian Capital during the second quarter valued at $200,000. Envestnet Asset Management Inc. purchased a new position in Sound Point Meridian Capital during the second quarter valued at approximately $2,860,000. Finally, Choreo LLC bought a new stake in Sound Point Meridian Capital in the 2nd quarter valued at $827,000.

Analyst Upgrades and Downgrades

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