Sound Point Meridian Capital (NYSE:SPMC) Raised to Strong-Buy at B. Riley

B. Riley upgraded shares of Sound Point Meridian Capital (NYSE:SPMC) to a strong-buy rating in a report published on Tuesday, Zacks.com reports.

Separately, Oppenheimer initiated coverage on shares of Sound Point Meridian Capital in a research note on Tuesday, July 9th. They set an outperform rating and a $21.00 price target for the company.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock opened at $19.88 on Tuesday. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $20.65. The business’s 50 day moving average price is $19.73.

Sound Point Meridian Capital Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.22 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 13.28%. The ex-dividend date of this dividend is Tuesday, October 15th.

Insider Transactions at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum purchased 7,326 shares of the stock in a transaction on Wednesday, August 28th. The stock was acquired at an average cost of $19.90 per share, with a total value of $145,787.40. Following the completion of the purchase, the chairman now directly owns 7,326 shares of the company’s stock, valued at approximately $145,787.40. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On Sound Point Meridian Capital

Hedge funds and other institutional investors have recently modified their holdings of the company. Choreo LLC bought a new position in Sound Point Meridian Capital during the second quarter valued at approximately $827,000. Envestnet Asset Management Inc. bought a new position in Sound Point Meridian Capital in the second quarter worth approximately $2,860,000. Finally, Frank Rimerman Advisors LLC purchased a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth $200,000.

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.