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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large decline in short interest during the month of June. As of June 15th, there was short interest totaling 82,045 shares, a decline of 58.1% from the May 31st total of 195,800 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average trading volume of 43,044 shares, the short-interest ratio is presently 1.9 days.

Analysts Set New Price Targets

SPMC has been the subject of several analyst reports. Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. B. Riley Financial reduced 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 note on Monday, March 16th. Finally, 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. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Sound Point Meridian Capital currently has an average rating of “Hold” and an average price target of $16.10.

Sound Point Meridian Capital Price Performance

NYSE SPMC traded up $0.05 on Wednesday, reaching $9.95. The stock had a trading volume of 14,181 shares, compared to its average volume of 35,510. The firm has a fifty day moving average of $10.63 and a two-hundred day moving average of $11.36. Sound Point Meridian Capital has a 1-year low of $8.36 and a 1-year high of $18.60. The company has a market cap of $203.97 million, a P/E ratio of -1.62 and a beta of 1.15.

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 analysts’ consensus estimates of $0.41 by ($0.07). The firm had revenue of $12.57 million during the quarter, compared to the consensus estimate of $17.20 million. Research analysts predict that Sound Point Meridian Capital will post 1.22 EPS for the current fiscal year.

Sound Point Meridian Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, September 15th. This represents a c) annualized dividend and a yield of 24.1%. Sound Point Meridian Capital’s payout ratio is -39.09%.

Insider Buying and Selling at Sound Point Meridian Capital

In related news, major shareholder Guaranty Ltd Assured purchased 242,718 shares of Sound Point Meridian Capital stock in a transaction dated Thursday, April 30th. The shares were acquired at an average cost of $24.72 per share, for a total transaction of $5,999,988.96. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.89% of the stock is currently owned by company insiders.

Institutional Trading of Sound Point Meridian Capital

Institutional investors have recently modified their holdings of the stock. Marshall Wace LLP increased its position in shares of Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares during the period. Kim LLC acquired a new stake in Sound Point Meridian Capital during the second quarter worth about $192,821,000. Citadel Advisors LLC acquired a new position in shares of Sound Point Meridian Capital in the 3rd quarter valued at approximately $267,000. Everest Management Corp. lifted its holdings 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 worth $1,097,000 after acquiring an additional 4,243 shares during the period. Finally, Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital during the 4th quarter worth approximately $189,000.

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.