Sound Point Meridian Capital, Inc. (NYSE:SPMC) Declares $0.25 Monthly Dividend

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared a monthly dividend on Tuesday, August 5th. Investors of record on Friday, November 14th will be given a dividend of 0.25 per share on Friday, November 28th. This represents a c) annualized dividend and a yield of 18.0%. The ex-dividend date is Friday, November 14th.

Sound Point Meridian Capital Stock Performance

NYSE SPMC traded up $0.07 during trading hours on Wednesday, hitting $16.63. 7,076 shares of the company’s stock were exchanged, compared to its average volume of 27,051. The business’s 50 day moving average is $17.16 and its 200-day moving average is $17.80. Sound Point Meridian Capital has a 12-month low of $15.01 and a 12-month high of $22.30. The firm has a market capitalization of $340.31 million, a P/E ratio of 11.71 and a beta of 0.20.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.03). The firm had revenue of $19.21 million for the quarter, compared to analyst estimates of $20.72 million.

Insider Activity

In related news, major shareholder Guaranty Ltd Assured sold 6,258 shares of Sound Point Meridian Capital stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $16.90, for a total value of $105,760.20. Following the completion of the sale, the insider owned 5,282,994 shares in the company, valued at approximately $89,282,598.60. The trade was a 0.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Stephen Ketchum purchased 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average cost of $15.61 per share, for a total transaction of $78,050.00. Following the completion of the acquisition, the chairman directly owned 92,090 shares of the company’s stock, valued at $1,437,524.90. This represents a 5.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 28,000 shares of company stock worth $434,270 and sold 16,827 shares worth $289,251.

Hedge Funds Weigh In On Sound Point Meridian Capital

Large investors have recently modified their holdings of the stock. Everest Management Corp. bought a new stake in Sound Point Meridian Capital in the second quarter valued at about $1,303,000. Marshall Wace LLP lifted its holdings in Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after buying an additional 20,163 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Sound Point Meridian Capital by 8.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company’s stock worth $2,908,000 after acquiring an additional 11,602 shares in the last quarter. Finally, Kim LLC bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at approximately $192,821,000.

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.