Sound Point Meridian Capital, Inc. (NYSE:SPMC) Declares Dividend Increase – $0.25 Per Share

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

Sound Point Meridian Capital Price Performance

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

Analyst Upgrades and Downgrades

Separately, B. Riley raised shares of Sound Point Meridian Capital to a “strong-buy” rating in a report on Tuesday, January 7th.

Insiders Place Their Bets

In other news, Chairman Stephen Ketchum bought 4,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average price of $20.32 per share, with a total value of $81,280.00. Following the transaction, the chairman now owns 23,326 shares of the company’s stock, valued at $473,984.32. This trade represents a 20.70 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have purchased 6,000 shares of company stock valued at $121,850.

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.