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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) announced a monthly dividend on Wednesday, February 11th. Stockholders of record on Wednesday, April 15th will be given a dividend of 0.20 per share on Thursday, April 30th. This represents a c) dividend on an annualized basis and a dividend yield of 20.8%. The ex-dividend date of this dividend is Wednesday, April 15th.

Sound Point Meridian Capital Stock Down 10.3%

Shares of Sound Point Meridian Capital stock traded down $1.32 on Wednesday, hitting $11.54. 169,698 shares of the company traded hands, compared to its average volume of 28,032. Sound Point Meridian Capital has a 12-month low of $11.45 and a 12-month high of $22.30. The company has a 50-day moving average price of $13.83 and a 200 day moving average price of $15.94. The company has a market cap of $236.57 million, a PE ratio of 57.70 and a beta of 0.32.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings results 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 company’s stock in a transaction dated 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 $75,409,263.90. This represents a 0.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew E. Forstenhausler bought 4,118 shares of Sound Point Meridian Capital stock in a transaction dated Thursday, December 18th. The stock was purchased at an average price of $13.60 per share, with a total value of $56,004.80. Following the purchase, the director owned 6,318 shares in the company, valued at approximately $85,924.80. This represents a 187.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 8,480 shares of company stock worth $115,727 and sold 10,803 shares worth $156,663. 0.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several hedge funds have recently bought and sold shares of the stock. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital during the 3rd quarter worth approximately $267,000. Everest Management Corp. boosted its holdings in shares of Sound Point Meridian Capital by 5.6% during the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after buying an additional 4,243 shares in the last quarter. Marshall Wace LLP boosted its stake 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 worth $1,379,000 after acquiring an additional 20,163 shares in the last quarter. Finally, Kim LLC purchased a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth 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.