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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 66,043 shares, an increase of 75.3% from the June 30th total of 37,664 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily trading volume, of 25,113 shares, the days-to-cover ratio is presently 2.6 days.

Sound Point Meridian Capital Price Performance

SPMC traded up $0.20 on Thursday, hitting $10.28. 9,435 shares of the stock were exchanged, compared to its average volume of 33,181. Sound Point Meridian Capital has a 12 month low of $8.36 and a 12 month high of $18.60. The business has a 50-day moving average of $10.53 and a two-hundred day moving average of $10.80. The firm has a market capitalization of $210.64 million, a price-to-earnings ratio of -1.67 and a beta of 1.20.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Thursday, May 28th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.07). The business had revenue of $12.57 million for the quarter, compared to analysts’ expectations of $17.20 million. Equities research analysts expect that Sound Point Meridian Capital will post 1.22 earnings per share for the current fiscal year.

Sound Point Meridian Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 dividend yield of 23.4%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is presently -39.09%.

Analyst Ratings Changes

SPMC has been the topic of several research analyst reports. Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday. Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $15.12.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Kim LLC acquired a new stake in shares of Sound Point Meridian Capital in the 2nd quarter valued at approximately $192,821,000. Allied Private Wealth LLC bought a new position in Sound Point Meridian Capital in the 2nd quarter valued at approximately $984,000. Marshall Wace LLP lifted its holdings 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 worth $1,379,000 after purchasing an additional 20,163 shares during the period. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the 3rd quarter valued at about $267,000. Finally, Thomas J. Herzfeld Advisors Inc. bought a new stake in Sound Point Meridian Capital in the fourth quarter valued at 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.