Sound Point Meridian Capital, Inc. (NYSE:SPMC) Sees Large Growth in Short Interest

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant growth in short interest in March. As of March 13th, there was short interest totaling 124,386 shares, a growth of 594.0% from the February 26th total of 17,922 shares. Approximately 0.6% of the company’s stock are short sold. Based on an average daily volume of 48,973 shares, the short-interest ratio is currently 2.5 days. Based on an average daily volume of 48,973 shares, the short-interest ratio is currently 2.5 days. Approximately 0.6% of the company’s stock are short sold.

Insider Activity at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the firm’s stock in a transaction on Tuesday, January 27th. The stock was 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 of the company’s stock, valued at $75,409,263.90. This trade represents a 0.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 10,701 shares of company stock valued at $154,990 over the last ninety days. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Sound Point Meridian Capital

A number of institutional investors and hedge funds have recently modified their holdings of SPMC. Marshall Wace LLP increased its position in shares of 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. Kim LLC bought a new position in Sound Point Meridian Capital in the second quarter worth $192,821,000. Everest Management Corp. lifted its position in Sound Point Meridian Capital by 3.7% in the third quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock worth $1,311,000 after purchasing an additional 2,697 shares during the period. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital during the third quarter worth $267,000. Finally, Thomas J. Herzfeld Advisors Inc. acquired a new stake in Sound Point Meridian Capital during the fourth quarter worth $189,000.

Sound Point Meridian Capital Stock Performance

Shares of SPMC traded down $0.24 during trading hours on Tuesday, reaching $8.56. 12,104 shares of the company traded hands, compared to its average volume of 46,094. The stock’s fifty day moving average is $11.52 and its 200 day moving average is $14.28. Sound Point Meridian Capital has a 1-year low of $8.36 and a 1-year high of $20.64. The stock has a market cap of $175.38 million, a P/E ratio of -2.42 and a beta of 0.68.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.11). The company had revenue of $17.95 million during the quarter, compared to analyst estimates of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.20 dividend. The ex-dividend date is Monday, June 15th. This represents a c) dividend on an annualized basis and a dividend yield of 28.1%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is currently -84.99%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SPMC shares. Zacks Research downgraded Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Monday, March 2nd. Oppenheimer set a $20.00 target price on Sound Point Meridian Capital in a report on Monday, December 1st. Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, February 11th. Compass Point set a $12.00 price target on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. Finally, B. Riley Financial lowered their price objective on shares of Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $16.10.

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.