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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 163,481 shares, an increase of 31.4% from the March 15th total of 124,386 shares. Approximately 0.8% of the company’s shares are short sold. Based on an average trading volume of 32,000 shares, the days-to-cover ratio is currently 5.1 days.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SPMC shares. Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial dropped their price objective on Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, March 16th. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. Finally, Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Monday. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Sound Point Meridian Capital presently has an average rating of “Hold” and a consensus target price of $16.10.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total transaction of $65,282.22. Following the completion of the sale, the insider owned 5,269,690 shares in the company, valued at $75,409,263.90. The trade was a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 5,104 shares of company stock worth $73,035 in the last ninety days. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

Large investors have recently modified their holdings of the business. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital in the fourth quarter worth about $189,000. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the third quarter worth about $267,000. Virtus Investment Advisers LLC increased its holdings in shares of Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after acquiring an additional 2,061 shares in the last quarter. Everest Management Corp. increased its holdings in shares of Sound Point Meridian Capital by 5.6% in the fourth 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 in the last quarter. Finally, Marshall Wace LLP increased its holdings 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 acquiring an additional 20,163 shares in the last quarter.

Sound Point Meridian Capital Stock Up 0.6%

NYSE SPMC traded up $0.06 on Friday, reaching $9.76. The company had a trading volume of 25,423 shares, compared to its average volume of 40,009. The stock’s 50 day moving average is $9.97 and its 200-day moving average is $13.31. The stock has a market cap of $200.11 million, a price-to-earnings ratio of -2.77 and a beta of 0.66. Sound Point Meridian Capital has a 52 week low of $8.36 and a 52 week high of $20.20.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 EPS 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 firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.20 dividend. This represents a c) annualized dividend and a dividend yield of 24.6%. The ex-dividend date is Monday, June 15th. Sound Point Meridian Capital’s dividend payout ratio is -67.99%.

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.