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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a large decrease in short interest in June. As of June 15th, there was short interest totaling 82,045 shares, a decrease of 58.1% from the May 31st total of 195,800 shares. Approximately 0.4% of the shares of the stock are sold short. Based on an average daily volume of 43,044 shares, the days-to-cover ratio is presently 1.9 days.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SPMC shares. B. Riley Financial cut their price objective on Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. Zacks Research lowered Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Monday, June 1st. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, May 27th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.10.

Insider Buying and Selling

In related news, major shareholder Guaranty Ltd Assured bought 242,718 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were purchased at an average price of $24.72 per share, for a total transaction of $5,999,988.96. Following the completion of the transaction, the insider directly owned 1,002,718 shares of the company’s stock, valued at approximately $24,787,188.96. This represents a 31.94% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of institutional investors and hedge funds have recently modified their holdings of the business. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital in the 4th quarter valued at $189,000. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital in the third quarter worth $267,000. Virtus Investment Advisers LLC grew its holdings in Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after purchasing an additional 2,061 shares during the period. Everest Management Corp. increased its stake in Sound Point Meridian Capital by 5.6% in the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after purchasing an additional 4,243 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after purchasing an additional 20,163 shares in the last quarter.

Sound Point Meridian Capital Price Performance

Shares of Sound Point Meridian Capital stock traded up $0.07 during midday trading on Tuesday, reaching $9.91. The company had a trading volume of 11,631 shares, compared to its average volume of 35,688. The stock has a fifty day moving average price of $10.63 and a 200 day moving average price of $11.36. Sound Point Meridian Capital has a fifty-two week low of $8.36 and a fifty-two week high of $18.60. The firm has a market cap of $203.13 million, a PE ratio of -1.61 and a beta of 1.15.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Thursday, May 28th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07). The business had revenue of $12.57 million for the quarter, compared to analyst estimates of $17.20 million. As a group, sell-side analysts forecast that Sound Point Meridian Capital will post 1.22 EPS for the current year.

Sound Point Meridian Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 24.2%. Sound Point Meridian Capital’s dividend payout ratio is presently -39.09%.

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.