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

by · The Markets Daily

Sound Point Meridian Capital, Inc. (NYSE:SPMC – Get Free Report) Director Matthew E. Forstenhausler bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $20.25 per share, with a total value of $20,250.00. Following the completion of the transaction, the director now directly owns 1,000 shares in the company, valued at $20,250. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Sound Point Meridian Capital Stock Up 0.0 %

Shares of NYSE SPMC opened at $20.44 on Wednesday. Sound Point Meridian Capital, Inc. has a 1 year low of $18.20 and a 1 year high of $21.43. The firm’s 50-day simple moving average is $19.66.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Shareholders 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 14.09%. The ex-dividend date of this dividend is Friday, March 14th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Choreo LLC bought a new stake in Sound Point Meridian Capital during the second quarter worth $827,000. Frank Rimerman Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth $200,000. Oppenheimer & Co. Inc. bought a new position in shares of Sound Point Meridian Capital during the third quarter valued at about $272,000. Finally, Envestnet Asset Management Inc. purchased a new position in Sound Point Meridian Capital during the second quarter worth about $2,860,000.

Wall Street Analyst Weigh In

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

Get Our Latest Stock Analysis on SPMC

Sound Point Meridian Capital Company Profile

(Get Free Report)

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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