Frank Rimerman Advisors LLC Purchases New Stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC)

Frank Rimerman Advisors LLC acquired a new position in Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 10,000 shares of the company’s stock, valued at approximately $200,000.

Separately, Choreo LLC bought a new stake in shares of Sound Point Meridian Capital in the second quarter valued at $827,000.

Sound Point Meridian Capital Stock Performance

NYSE SPMC opened at $19.91 on Thursday. The company has a 50 day simple moving average of $19.74. Sound Point Meridian Capital, Inc. has a 12-month low of $18.20 and a 12-month high of $20.65.

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.64 dividend on an annualized basis and a yield of 13.26%.

Insiders Place Their Bets

In related news, Chairman Stephen Ketchum purchased 7,326 shares of Sound Point Meridian Capital stock in a transaction dated Wednesday, August 28th. The stock was bought at an average cost of $19.90 per share, for a total transaction of $145,787.40. Following the completion of the transaction, the chairman now owns 7,326 shares in the company, valued at $145,787.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Separately, Oppenheimer started coverage on Sound Point Meridian Capital in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company.

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.