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

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

Sound Point Meridian Capital Trading Down 0.5 %

Shares of SPMC stock traded down $0.11 during trading hours on Wednesday, hitting $20.39. The stock had a trading volume of 8,671 shares, compared to its average volume of 17,319. The stock has a 50 day moving average price of $20.56. Sound Point Meridian Capital has a twelve month low of $18.20 and a twelve month high of $21.97.

Insider Activity at Sound Point Meridian Capital

In other news, Chairman Stephen Ketchum acquired 4,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the transaction, the chairman now directly owns 23,326 shares in the company, valued at approximately $473,984.32. This represents a 20.70 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have purchased 6,000 shares of company stock worth $121,850 in the last quarter.

Wall Street Analyst Weigh In

Separately, B. Riley upgraded shares of Sound Point Meridian Capital to a "strong-buy" rating in a research note on Tuesday, January 7th.

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.

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