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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a dividend on Wednesday, January 15th,investing.com reports. Stockholders of record on Thursday, January 16th will be paid a dividend of 0.24 per share on Friday, January 31st. This represents a dividend yield of 14.12%. The ex-dividend date is Wednesday, January 15th.

Sound Point Meridian Capital Price Performance

Shares of Sound Point Meridian Capital stock traded down $0.11 during trading on Wednesday, reaching $20.39. The company’s stock had a trading volume of 8,671 shares, compared to its average volume of 17,319. The business’s 50 day simple moving average is $20.56. Sound Point Meridian Capital has a 12-month low of $18.20 and a 12-month high of $21.97.

Analyst Ratings Changes

Separately, B. Riley upgraded shares of Sound Point Meridian Capital to a “strong-buy” rating in a research 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 shares were bought at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the completion of the transaction, the chairman now owns 23,326 shares in the company, valued at $473,984.32. This trade represents a 20.70 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have purchased 6,000 shares of company stock worth $121,850.

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.