Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Rises By 450.0%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 12,100 shares, an increase of 450.0% from the February 28th total of 2,200 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average daily trading volume, of 29,900 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new position in Sound Point Meridian Capital stock. Marshall Wace LLP acquired a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 17,747 shares of the company’s stock, valued at approximately $371,000. Marshall Wace LLP owned approximately 0.09% of Sound Point Meridian Capital as of its most recent SEC filing.

Analysts Set New Price Targets

Separately, B. Riley upgraded shares of Sound Point Meridian Capital to a “strong-buy” rating in a report on Tuesday, January 7th.

Sound Point Meridian Capital Stock Down 3.0 %

Shares of Sound Point Meridian Capital stock traded down $0.60 during trading on Thursday, reaching $19.69. 50,565 shares of the company were exchanged, compared to its average volume of 26,064. The business has a 50-day moving average price of $20.87 and a 200-day moving average price of $20.35. Sound Point Meridian Capital has a twelve month low of $18.20 and a twelve month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Wednesday, February 12th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.11.

Sound Point Meridian Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 15.24%. The ex-dividend date of this dividend is Tuesday, April 15th.

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.