Sound Point Meridian Capital, Inc. (NYSE:SPMC) Increases Dividend to $0.24 Per Share

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Monday, November 11th,Wall Street Journal reports. Shareholders of record on Friday, February 14th will be given a dividend of 0.24 per share on Friday, February 28th. This represents a $2.88 annualized dividend and a yield of 14.06%. The ex-dividend date of this dividend is Friday, February 14th. This is an increase from Sound Point Meridian Capital’s previous monthly dividend of $0.22.

Sound Point Meridian Capital Trading Down 2.4 %

Shares of SPMC stock traded down $0.51 during mid-day trading on Monday, reaching $20.49. The company’s stock had a trading volume of 63,767 shares, compared to its average volume of 19,240. The firm’s 50 day moving average is $19.56. Sound Point Meridian Capital has a 12-month low of $18.20 and a 12-month high of $21.43.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, Chairman Stephen Ketchum bought 7,326 shares of Sound Point Meridian Capital stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average cost of $19.90 per share, with a total value of $145,787.40. Following the completion of the transaction, the chairman now owns 7,326 shares in the company, valued at approximately $145,787.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

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

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.