Sound Point Meridian Capital, Inc. (NYSE:SPMC) Shares Shorted: Short Interest Down 56.9% in October

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant drop in short interest in October. As of October 15th, there was short interest totaling 21,886 shares, a drop of 56.9% from the September 30th total of 50,773 shares. Based on an average daily trading volume, of 31,396 shares, the short-interest ratio is presently 0.7 days. Approximately 0.1% of the shares of the stock are short sold.

Institutional Trading of Sound Point Meridian Capital

A hedge fund recently bought a new position in Sound Point Meridian Capital stock. Advisory Solutions Group LLC purchased a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 31,935 shares of the company’s stock, valued at approximately $316,000. Advisory Solutions Group LLC owned about 0.16% of Sound Point Meridian Capital at the end of the most recent reporting period.

Wall Street Analyst Weigh In

Several research firms recently commented on SPMC. B. Riley Financial reduced their target price on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, August 12th. Zacks Research raised Sound Point Meridian Capital from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.12.

Sound Point Meridian Capital Price Performance

Shares of NYSE:SPMC opened at $5.75 on Friday. The company’s fifty day moving average price is $8.20 and its 200-day moving average price is $10.07. The firm has a market capitalization of $117.88 million, a price-to-earnings ratio of -0.99 and a beta of 1.20. Sound Point Meridian Capital has a one year low of $5.49 and a one year high of $16.75.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. As a group, equities research analysts expect that Sound Point Meridian Capital will post 1.11 EPS for the current year.

Sound Point Meridian Capital Announces Dividend

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 issued a dividend of $0.13 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 27.1%. The ex-dividend date of this dividend is Tuesday, December 15th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is currently -26.99%.

Sound Point Meridian Capital Company Profile

Sound Point Meridian Capital, Inc (NYSE: SPMC) is a closed-end investment company focused on investing in collateralized loan obligations (CLOs). The company primarily seeks exposure to CLO equity and junior debt tranches, which are backed by pools of senior secured loans made to corporate borrowers.

Sound Point Meridian Capital is externally managed by an affiliate of Sound Point Capital Management, an alternative investment manager. Its investment strategy is designed to provide shareholders with income and potential capital appreciation through a diversified portfolio of CLO investments rather than through the direct operation of businesses or the sale of consumer products and services.

The company invests in U.S.