Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Declines By 54.1%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large decrease in short interest during the month of June. As of June 30th, there was short interest totaling 37,664 shares, a decrease of 54.1% from the June 15th total of 82,045 shares. Based on an average trading volume of 21,054 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.2% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Zacks Research cut shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Monday, June 1st. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.10.

Sound Point Meridian Capital Stock Down 5.8%

SPMC stock traded down $0.64 during trading hours on Wednesday, hitting $10.36. The company’s stock had a trading volume of 64,365 shares, compared to its average volume of 17,663. The stock has a 50 day moving average price of $10.71 and a two-hundred day moving average price of $11.11. Sound Point Meridian Capital has a 12 month low of $8.36 and a 12 month high of $18.60. The company has a market capitalization of $212.28 million, a PE ratio of 5.94 and a beta of 1.20.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Thursday, May 28th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.07). The business had revenue of $12.57 million during the quarter, compared to the consensus estimate of $17.20 million. Sell-side analysts expect that Sound Point Meridian Capital will post 1.22 earnings per share for the current year.

Sound Point Meridian Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This represents a c) dividend on an annualized basis and a yield of 23.2%. The ex-dividend date is Tuesday, September 15th. Sound Point Meridian Capital’s dividend payout ratio is -39.09%.

Insider Buying and Selling at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured acquired 242,718 shares of the stock in a transaction dated Thursday, April 30th. The shares were bought at an average price of $24.72 per share, with a total value of $5,999,988.96. Following the purchase, the insider directly owned 1,002,718 shares of the company’s stock, valued at approximately $24,787,188.96. This trade represents a 31.94% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

A number of institutional investors have recently added to or reduced their stakes in SPMC. Virtus Investment Advisers LLC boosted its stake 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 in the last quarter. Everest Management Corp. raised its position in shares of Sound Point Meridian Capital by 5.6% during the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after acquiring an additional 4,243 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. acquired a new position in Sound Point Meridian Capital in the fourth quarter valued at about $189,000. Citadel Advisors LLC bought a new position in Sound Point Meridian Capital during the 3rd quarter worth approximately $267,000. Finally, Marshall Wace LLP grew its holdings in Sound Point Meridian Capital by 35.4% during 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 during the period.

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