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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Tuesday, November 12th,Wall Street Journal reports. Investors of record on Friday, March 14th will be paid a dividend of 0.24 per share on Monday, March 31st. This represents a $2.88 annualized dividend and a yield of 14.37%. The ex-dividend date of this dividend is Friday, March 14th.

Sound Point Meridian Capital Stock Down 0.0 %

Shares of Sound Point Meridian Capital stock opened at $20.04 on Thursday. Sound Point Meridian Capital has a one year low of $18.20 and a one year high of $21.43. The stock’s fifty day moving average price is $19.58.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Chairman Stephen Ketchum bought 7,326 shares of the stock in a transaction on Wednesday, August 28th. The shares were bought at an average price of $19.90 per share, with a total value of $145,787.40. Following the completion of the acquisition, the chairman now owns 7,326 shares of the company’s stock, valued at approximately $145,787.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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.