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

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

Sound Point Meridian Capital Stock Down 10.3%

SPMC traded down $1.32 during trading on Wednesday, hitting $11.54. 169,698 shares of the company’s stock were exchanged, compared to its average volume of 28,032. The stock has a market cap of $236.57 million, a P/E ratio of 57.70 and a beta of 0.32. Sound Point Meridian Capital has a fifty-two week low of $11.45 and a fifty-two week high of $22.30. The business’s 50 day moving average is $13.83 and its two-hundred day moving average is $15.94.

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

Insider Activity

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 acquired at an average cost of $13.60 per share, for a total transaction of $56,004.80. Following the completion of the transaction, the director directly owned 6,318 shares in the company, valued at $85,924.80. This trade represents a 187.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total value of $65,282.22. Following the completion of the sale, the insider owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. The trade was a 0.09% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders acquired 8,480 shares of company stock worth $115,727 and sold 10,803 shares worth $156,663. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of institutional investors have recently made changes to their positions in the business. Everest Management Corp. grew 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 purchasing an additional 4,243 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Sound Point Meridian Capital during the third quarter valued at about $267,000. Kim LLC bought a new position in shares of Sound Point Meridian Capital during the second quarter valued at about $192,821,000. Finally, Marshall Wace LLP increased its holdings in shares of Sound Point Meridian Capital by 35.4% in the second 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 period.

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.