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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) Chairman Stephen Ketchum purchased 4,000 shares of Sound Point Meridian Capital stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $20.32 per share, for a total transaction of $81,280.00. Following the completion of the transaction, the chairman now owns 23,326 shares of the company’s stock, valued at approximately $473,984.32. This represents a 20.70 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

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

Sound Point Meridian Capital Price Performance

Shares of SPMC traded up $0.34 during mid-day trading on Friday, hitting $20.72. 8,973 shares of the company traded hands, compared to its average volume of 19,651. The business has a 50-day simple moving average of $19.62. Sound Point Meridian Capital, Inc. has a one year low of $18.20 and a one year 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 issued a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.88 annualized dividend and a yield of 13.90%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Sound Point Meridian Capital

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

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.