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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large increase in short interest in August. As of August 14th, there was short interest totaling 133,718 shares, an increase of 103.2% from the July 30th total of 65,804 shares. Currently, 0.7% of the company’s shares are sold short. Based on an average daily trading volume, of 44,814 shares, the days-to-cover ratio is currently 3.0 days.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several hedge funds have recently bought and sold shares of SPMC. Thomas J. Herzfeld Advisors Inc. purchased a new position in Sound Point Meridian Capital during the 4th quarter valued at about $189,000. Citadel Advisors LLC purchased a new stake in Sound Point Meridian Capital during the third quarter worth about $267,000. Advisory Solutions Group LLC acquired a new stake in shares of Sound Point Meridian Capital during the second quarter worth about $316,000. Virtus Investment Advisers LLC increased its stake in Sound Point Meridian Capital by 7.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after buying an additional 2,061 shares during the period. Finally, Allied Private Wealth LLC acquired a new stake in Sound Point Meridian Capital during the 2nd quarter worth approximately $984,000.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SPMC shares. Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. Zacks Research cut shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Finally, B. Riley Financial dropped their price objective on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.12.

Sound Point Meridian Capital Price Performance

Shares of SPMC opened at $9.55 on Friday. Sound Point Meridian Capital has a 1-year low of $8.36 and a 1-year high of $18.54. The stock has a market cap of $195.78 million, a PE ratio of -1.65 and a beta of 1.15. The firm has a 50-day simple moving average of $9.99 and a two-hundred day simple moving average of $10.21.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). The firm had revenue of $12.42 million for the quarter, compared to analysts’ expectations of $14.18 million. As a group, sell-side analysts expect that Sound Point Meridian Capital will post 1.04 earnings per share for the current fiscal year.

Sound Point Meridian Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a c) dividend on an annualized basis and a dividend yield of 16.3%. Sound Point Meridian Capital’s payout ratio is presently -41.52%.

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.