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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) declared 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 Price Performance

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

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SPMC. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital in the third quarter valued at approximately $267,000. Everest Management Corp. boosted its stake in Sound Point Meridian Capital by 5.6% in the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after acquiring an additional 4,243 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after purchasing an additional 20,163 shares during the period. Finally, Kim LLC purchased a new position in shares of Sound Point Meridian Capital during the second 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.