Sound Point Meridian Capital (NYSE:SPMC) Upgraded at B. Riley

B. Riley upgraded shares of Sound Point Meridian Capital (NYSE:SPMC) to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

Sound Point Meridian Capital Price Performance

SPMC opened at $20.92 on Tuesday. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $21.97. The stock’s fifty day simple moving average is $20.45.

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be issued a dividend of $0.24 per share. This represents a $2.88 dividend on an annualized basis and a yield of 13.77%. The ex-dividend date is Wednesday, January 15th.

Insider Activity at Sound Point Meridian Capital

In related news, Chairman Stephen Ketchum acquired 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the completion of the acquisition, the chairman now directly owns 23,326 shares in the company, valued at approximately $473,984.32. The trade was a 20.70 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders bought a total of 6,000 shares of company stock worth $121,850 in the last quarter.

Institutional Trading of Sound Point Meridian Capital

A number of institutional investors have recently modified their holdings of the company. Choreo LLC bought a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth approximately $827,000. Envestnet Asset Management Inc. acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth about $2,860,000. Frank Rimerman Advisors LLC acquired a new position in Sound Point Meridian Capital during the second quarter worth approximately $200,000. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of Sound Point Meridian Capital during the 3rd quarter worth approximately $272,000.

Sound Point Meridian Capital Company Profile

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.