Insider Buying: Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Buys 1,000 Shares of Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Director Matthew E. Forstenhausler bought 1,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were bought at an average cost of $20.25 per share, for a total transaction of $20,250.00. Following the transaction, the director now owns 1,000 shares in the company, valued at approximately $20,250. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Sound Point Meridian Capital Stock Down 0.5 %

Shares of NYSE SPMC opened at $20.43 on Tuesday. Sound Point Meridian Capital, Inc. has a 1 year low of $18.20 and a 1 year high of $21.43. The stock has a 50-day moving average price of $19.64.

Sound Point Meridian Capital Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, B. Riley assumed coverage on shares of Sound Point Meridian Capital in a research report on Wednesday, October 9th. They set a “buy” rating and a $22.50 price objective on the stock.

Hedge Funds Weigh In On Sound Point Meridian Capital

Hedge funds have recently bought and sold shares of the business. Frank Rimerman Advisors LLC bought a new stake in shares of Sound Point Meridian Capital during the second quarter worth $200,000. Oppenheimer & Co. Inc. bought a new stake in Sound Point Meridian Capital during the 3rd quarter valued at about $272,000. Choreo LLC purchased a new stake in Sound Point Meridian Capital in the 2nd quarter valued at about $827,000. Finally, Envestnet Asset Management Inc. bought a new position in Sound Point Meridian Capital in the 2nd quarter worth about $2,860,000.

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.