Sound Point Meridian Capital, Inc. (NYSE:SPMC) Plans $0.20 Monthly Dividend

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Wednesday, February 11th. Stockholders of record on Friday, May 15th will be given a dividend of 0.20 per share on Friday, May 29th. This represents a c) dividend on an annualized basis and a dividend yield of 20.8%. The ex-dividend date is Friday, May 15th.

Sound Point Meridian Capital Price Performance

Shares of Sound Point Meridian Capital stock opened at $11.54 on Thursday. Sound Point Meridian Capital has a 1 year low of $11.45 and a 1 year high of $22.30. The firm has a market cap of $236.54 million, a price-to-earnings ratio of 57.70 and a beta of 0.32. The company has a 50-day moving average of $13.83 and a 200 day moving average of $15.94.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.09).

Insider Buying and Selling

In related news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the firm’s stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the sale, the insider owned 5,269,690 shares in the company, valued at approximately $75,409,263.90. This trade represents a 0.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew E. Forstenhausler bought 4,118 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were bought at an average price of $13.60 per share, with a total value of $56,004.80. Following the completion of the purchase, the director owned 6,318 shares in the company, valued at approximately $85,924.80. The trade was a 187.18% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 8,480 shares of company stock worth $115,727 and have sold 10,803 shares worth $156,663. 0.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SPMC. Everest Management Corp. lifted its stake in shares of Sound Point Meridian Capital by 3.7% in the 3rd quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock worth $1,311,000 after purchasing an additional 2,697 shares during the period. Citadel Advisors LLC bought a new stake in Sound Point Meridian Capital during the third quarter valued at approximately $267,000. Marshall Wace LLP increased its holdings in Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after buying an additional 20,163 shares during the last quarter. Finally, Kim LLC purchased a new stake in Sound Point Meridian Capital during the second 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. Sound Point Meridian Capital Inc is based in NEW YORK.