Oppenheimer & Co. Inc. Takes $272,000 Position in Sound Point Meridian Capital, Inc. (NYSE:SPMC)

Oppenheimer & Co. Inc. bought a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 13,775 shares of the company’s stock, valued at approximately $272,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Frank Rimerman Advisors LLC purchased a new position in shares of Sound Point Meridian Capital in the second quarter valued at about $200,000. Choreo LLC purchased a new position in Sound Point Meridian Capital in the 2nd quarter worth approximately $827,000. Finally, Envestnet Asset Management Inc. bought a new position in Sound Point Meridian Capital in the 2nd quarter worth approximately $2,860,000.

Insider Buying and Selling

In other news, Chairman Stephen Ketchum purchased 4,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average cost of $20.32 per share, with a total value of $81,280.00. Following the completion of the transaction, the chairman now owns 23,326 shares in the company, valued at $473,984.32. This represents a 20.70 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders acquired 12,326 shares of company stock valued at $247,387 over the last 90 days.

Sound Point Meridian Capital Price Performance

Sound Point Meridian Capital stock opened at $20.53 on Friday. The firm has a 50-day moving average of $19.62. Sound Point Meridian Capital, Inc. has a 1 year low of $18.20 and a 1 year high of $21.43.

Sound Point Meridian Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $2.88 annualized dividend and a yield of 14.03%. The ex-dividend date is Friday, March 14th.

Analysts Set New Price Targets

Separately, B. Riley initiated coverage on shares of Sound Point Meridian Capital in a report on Wednesday, October 9th. They issued a “buy” rating and a $22.50 price target on the stock.

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.