Sound Point Meridian Capital, Inc. (NYSE:SPMC) Stock Short Interest Report for September

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totaling 50,773 shares, a drop of 54.1% from the September 15th total of 110,676 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily volume of 21,120 shares, the short-interest ratio is currently 2.4 days.

Institutional Trading of Sound Point Meridian Capital

A hedge fund recently bought a new stake in Sound Point Meridian Capital stock. Advisory Solutions Group LLC acquired a new stake in Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 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 quarter.

Sound Point Meridian Capital Trading Down 2.0%

Shares of SPMC stock traded down $0.14 during mid-day trading on Thursday, reaching $7.00. The stock had a trading volume of 39,127 shares, compared to its average volume of 31,954. The business’s fifty day moving average is $9.06 and its 200-day moving average is $9.91. The firm has a market cap of $143.48 million, a price-to-earnings ratio of -1.21 and a beta of 1.20. Sound Point Meridian Capital has a 1-year low of $6.88 and a 1-year high of $16.90.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). The business had revenue of $12.42 million during the quarter, compared to analyst estimates of $14.18 million. On average, analysts forecast that Sound Point Meridian Capital will post 1.11 earnings per share 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 $0.13 dividend. This represents a $1.56 annualized dividend and a yield of 22.3%. The ex-dividend date is Tuesday, December 15th. Sound Point Meridian Capital’s payout ratio is presently -26.99%.

Analyst Ratings Changes

Several research firms have recently commented on SPMC. Zacks Research raised Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, September 28th. B. Riley Financial decreased their price objective 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. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Sound Point Meridian Capital currently has an average rating of “Hold” and a consensus target price of $15.12.

About Sound Point Meridian Capital

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.