Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Drops By 17.5%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant drop in short interest in the month of December. As of December 15th, there was short interest totalling 6,600 shares, a drop of 17.5% from the November 30th total of 8,000 shares. Based on an average daily trading volume, of 23,800 shares, the short-interest ratio is currently 0.3 days. Approximately 0.1% of the shares of the company are short sold.

Analyst Ratings Changes

Separately, B. Riley began coverage on Sound Point Meridian Capital in a research report on Wednesday, October 9th. They set a “buy” rating and a $22.50 target price for the company.

Sound Point Meridian Capital Stock Up 0.6 %

Shares of Sound Point Meridian Capital stock traded up $0.13 during mid-day trading on Friday, reaching $20.87. 7,691 shares of the stock were exchanged, compared to its average volume of 19,047. Sound Point Meridian Capital has a fifty-two week low of $18.20 and a fifty-two week high of $21.97. The company has a 50-day simple moving average of $20.11.

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.24 per share. This represents a $2.88 annualized dividend and a dividend yield of 13.80%. The ex-dividend date of this dividend is Wednesday, January 15th.

Insider Activity at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum purchased 4,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $20.32 per share, for a total transaction of $81,280.00. Following the completion of the purchase, the chairman now directly owns 23,326 shares of the company’s stock, valued at approximately $473,984.32. This represents a 20.70 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders purchased 6,000 shares of company stock worth $121,850.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Frank Rimerman Advisors LLC bought a new stake in shares of Sound Point Meridian Capital during the second quarter worth approximately $200,000. Oppenheimer & Co. Inc. bought a new stake in shares of Sound Point Meridian Capital in the third quarter worth about $272,000. Choreo LLC bought a new stake in shares of Sound Point Meridian Capital in the second quarter worth about $827,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Sound Point Meridian Capital during the second quarter worth about $2,860,000.

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.