Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Expands By 34.3%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 9,402 shares, an increase of 34.3% from the December 31st total of 7,002 shares. Based on an average trading volume of 27,509 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.0% of the shares of the stock are sold short. Currently, 0.0% of the shares of the stock are sold short. Based on an average trading volume of 27,509 shares, the days-to-cover ratio is currently 0.3 days.

Sound Point Meridian Capital Trading Down 2.6%

Sound Point Meridian Capital stock traded down $0.36 during mid-day trading on Tuesday, hitting $13.38. The company had a trading volume of 30,330 shares, compared to its average volume of 21,706. The company has a market capitalization of $274.15 million, a price-to-earnings ratio of 66.88 and a beta of 0.32. Sound Point Meridian Capital has a 12-month low of $13.06 and a 12-month high of $22.30. The company’s fifty day moving average is $14.09 and its 200-day moving average is $16.17.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings results on Thursday, November 13th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.02). The company had revenue of $20.23 million for the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $0.25 per share. This represents a c) annualized dividend and a dividend yield of 22.4%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is 1,500.00%.

Insider Buying and Selling at Sound Point Meridian Capital

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured sold 4,562 shares of Sound Point Meridian Capital stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the sale, the insider directly owned 5,269,690 shares in the company, valued at approximately $75,409,263.90. The trade was a 0.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew E. Forstenhausler purchased 4,118 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was bought at an average price of $13.60 per share, for a total transaction of $56,004.80. Following the purchase, the director owned 6,318 shares in the company, valued at approximately $85,924.80. This represents a 187.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 8,480 shares of company stock valued at $115,727 and have sold 10,803 shares valued at $156,663. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

Large investors have recently bought and sold shares of the company. Everest Management Corp. purchased a new stake in Sound Point Meridian Capital in the 2nd quarter valued at about $1,303,000. Citadel Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital during the third quarter valued at about $267,000. Kim LLC purchased a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at approximately $192,821,000. Finally, Marshall Wace LLP lifted its holdings in shares of Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after acquiring an additional 20,163 shares during the last quarter.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Industrial Alliance Securities set a $18.50 price target on shares of Sound Point Meridian Capital in a report on Thursday, November 13th. Oppenheimer set a $20.00 price objective on shares of Sound Point Meridian Capital in a research note on Monday, December 1st. B. Riley decreased their price target on shares of Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Finally, Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Friday. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Sound Point Meridian Capital currently has a consensus rating of “Moderate Buy” and an average price target of $18.90.

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.