Stephen Ketchum Buys 4,000 Shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) Stock

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum acquired 4,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were bought at an average price of $20.32 per share, with a total value of $81,280.00. Following the transaction, the chairman now directly owns 23,326 shares in the company, valued at approximately $473,984.32. The trade was a 20.70 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Stephen Ketchum also recently made the following trade(s):

• On Tuesday, November 19th, Stephen Ketchum bought 1,000 shares of Sound Point Meridian Capital stock. The shares were bought at an average cost of $20.32 per share, for a total transaction of $20,320.00.
• On Wednesday, August 28th, Stephen Ketchum purchased 7,326 shares of Sound Point Meridian Capital stock. The stock was bought at an average cost of $19.90 per share, for a total transaction of $145,787.40.

Sound Point Meridian Capital Stock Performance

NYSE:SPMC opened at $20.53 on Friday. The firm’s 50-day simple moving average is $19.62. Sound Point Meridian Capital, Inc. has a fifty-two week low of $18.20 and a fifty-two week high of $21.43.

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 paid a $0.24 dividend. This represents a $2.88 annualized dividend and a dividend yield of 14.03%. The ex-dividend date of this dividend is Friday, March 14th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Frank Rimerman Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital in the second quarter valued at $200,000. Oppenheimer & Co. Inc. bought a new stake in Sound Point Meridian Capital in the 3rd quarter valued at $272,000. Choreo LLC acquired a new stake in shares of Sound Point Meridian Capital during the second quarter worth $827,000. Finally, Envestnet Asset Management Inc. acquired a new position in Sound Point Meridian Capital in the second quarter valued at about $2,860,000.

Analyst Upgrades and Downgrades

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