Sound Point Meridian Capital, Inc. (NYSE:SPMC) Shares Shorted: Short Interest Down 54.1% in September

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant decrease in short interest in September. As of September 30th, there was short interest totaling 50,773 shares, a decrease of 54.1% from the September 15th total of 110,676 shares. Based on an average trading volume of 21,120 shares, the short-interest ratio is presently 2.4 days. Currently, 0.2% of the shares of the company are short sold.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Sound Point Meridian Capital stock. Allied Private Wealth LLC bought a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 94,982 shares of the company’s stock, valued at approximately $984,000. Allied Private Wealth LLC owned approximately 0.46% of Sound Point Meridian Capital as of its most recent filing with the SEC.

Analyst Upgrades and Downgrades

SPMC has been the subject of several recent research reports. B. Riley Financial cut their price target on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Zacks Research raised Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, September 28th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.12.

Sound Point Meridian Capital Trading Down 3.2%

Sound Point Meridian Capital stock traded down $0.23 during trading hours on Wednesday, reaching $7.13. 38,702 shares of the stock were exchanged, compared to its average volume of 24,992. Sound Point Meridian Capital has a twelve month low of $7.10 and a twelve month high of $17.24. The company has a market cap of $146.27 million, a P/E ratio of 4.72 and a beta of 1.20. The stock has a 50 day moving average of $9.13 and a two-hundred day moving average of $9.92.

Sound Point Meridian Capital (NYSE:SPMC) last issued its earnings results on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). The firm had revenue of $12.42 million for the quarter, compared to the consensus estimate of $14.18 million. On average, analysts expect that Sound Point Meridian Capital will post 1.11 earnings per share for the current fiscal year.

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be paid a $0.13 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 21.9%. The ex-dividend date of this dividend is Tuesday, December 15th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is -41.52%.

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital, Inc (NYSE: SPMC) is a closed-end investment company focused primarily on opportunities in the collateralized loan obligation (CLO) market. The company seeks to generate current income and long-term total returns through investments in CLO equity and subordinated debt tranches, which are backed primarily by portfolios of corporate senior secured loans.

In addition to CLO investments, Sound Point Meridian Capital may invest in senior secured loans and other credit instruments.