Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Update

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant increase in short interest in January. As of January 15th, there was short interest totaling 9,402 shares, an increase of 34.3% from the December 31st total of 7,002 shares. Approximately 0.0% of the company’s shares are short sold. Based on an average daily volume of 27,509 shares, the days-to-cover ratio is presently 0.3 days. Based on an average daily volume of 27,509 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.0% of the company’s shares are short sold.

Sound Point Meridian Capital Stock Performance

SPMC traded down $0.30 during trading hours on Friday, reaching $13.91. The company’s stock had a trading volume of 28,480 shares, compared to its average volume of 19,948. The company’s 50-day moving average is $14.10 and its 200-day moving average is $16.21. Sound Point Meridian Capital has a 52 week low of $13.06 and a 52 week high of $22.30. The firm has a market cap of $285.05 million, a PE ratio of 69.53 and a beta of 0.32.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings data on Thursday, November 13th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The business had revenue of $20.23 million for the quarter, compared to analysts’ expectations of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a c) annualized dividend and a dividend yield of 21.6%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is currently 1,500.00%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SPMC. Industrial Alliance Securities set a $18.50 target price on Sound Point Meridian Capital in a report on Thursday, November 13th. B. Riley lowered their price target on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Zacks Research downgraded Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Friday, November 21st. Finally, Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a report on Monday, December 1st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Sound Point Meridian Capital has an average rating of “Hold” and a consensus price target of $18.90.

Insider Buying and Selling at Sound Point Meridian Capital

In related news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the completion of the sale, the insider owned 5,269,690 shares in the company, valued at $75,409,263.90. This represents a 0.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew E. Forstenhausler bought 4,118 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was acquired at an average cost of $13.60 per share, with a total value of $56,004.80. Following the completion of the purchase, the director owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. This trade represents a 187.18% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 8,480 shares of company stock valued at $115,727 and sold 10,566 shares valued at $153,269. 0.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Sound Point Meridian Capital

Institutional investors have recently made changes to their positions in the stock. Everest Management Corp. bought a new position in Sound Point Meridian Capital during the 2nd quarter worth $1,303,000. Citadel Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital during the 3rd quarter worth $267,000. Kim LLC acquired a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth $192,821,000. Finally, Marshall Wace LLP increased its position in shares of Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares during the period.

About Sound Point Meridian Capital

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. Sound Point Meridian Capital Inc is based in NEW YORK.