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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of 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 daily volume of 21,054 shares, the short-interest ratio is currently 1.8 days. Currently, 0.2% of the shares of the stock are sold short.

Insiders Place Their Bets

In related news, major shareholder Guaranty Ltd Assured purchased 242,718 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were purchased at an average cost of $24.72 per share, with a total value of $5,999,988.96. Following the purchase, the insider owned 1,002,718 shares of the company’s stock, valued at $24,787,188.96. This represents a 31.94% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

Hedge funds have recently modified their holdings of the company. Marshall Wace LLP increased its position 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 worth $1,379,000 after purchasing an additional 20,163 shares during the last quarter. Kim LLC acquired a new position in Sound Point Meridian Capital in the 2nd quarter valued at about $192,821,000. Citadel Advisors LLC acquired a new position in Sound Point Meridian Capital in the 3rd quarter valued at about $267,000. Everest Management Corp. grew its stake in shares of Sound Point Meridian Capital by 5.6% in the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after buying an additional 4,243 shares during the period. Finally, Thomas J. Herzfeld Advisors Inc. purchased a new stake in shares of Sound Point Meridian Capital in the 4th quarter valued at approximately $189,000.

Sound Point Meridian Capital Stock Performance

Shares of SPMC stock traded up $0.26 during trading hours on Tuesday, reaching $10.91. The company had a trading volume of 8,218 shares, compared to its average volume of 34,492. The stock has a fifty day moving average of $10.71 and a 200-day moving average of $11.15. The company has a market capitalization of $223.76 million, a price-to-earnings ratio of -1.78 and a beta of 1.20. Sound Point Meridian Capital has a 12-month low of $8.36 and a 12-month high of $18.60.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07). The company had revenue of $12.57 million during the quarter, compared to analysts’ expectations of $17.20 million. On average, analysts forecast that Sound Point Meridian Capital will post 1.22 EPS for the current year.

Sound Point Meridian Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This represents a c) annualized dividend and a dividend yield of 22.0%. The ex-dividend date is Tuesday, September 15th. Sound Point Meridian Capital’s payout ratio is currently -39.09%.

Wall Street Analysts Forecast Growth

SPMC has been the topic of several research reports. B. Riley Financial decreased their target price on 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. Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. Finally, Zacks Research cut shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $16.10.

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.