Choreo LLC Purchases Shares of 41,234 Sound Point Meridian Capital, Inc. (NYSE:SPMC)

Choreo LLC acquired a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 41,234 shares of the company’s stock, valued at approximately $827,000.

Analysts Set New Price Targets

Separately, Oppenheimer began coverage on Sound Point Meridian Capital in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock.

Sound Point Meridian Capital Stock Up 0.7 %

SPMC stock opened at $20.25 on Friday. The firm has a fifty day simple moving average of $19.77. Sound Point Meridian Capital, Inc. has a fifty-two week low of $18.20 and a fifty-two week high of $20.65.

Sound Point Meridian Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a dividend of $0.22 per share. This represents a $2.64 dividend on an annualized basis and a yield of 13.04%. The ex-dividend date is Monday, December 16th.

Insider Activity

In other news, Chairman Stephen Ketchum acquired 7,326 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was acquired at an average price of $19.90 per share, with a total value of $145,787.40. Following the completion of the purchase, the chairman now directly owns 7,326 shares in the company, valued at $145,787.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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.