Sound Point Meridian Capital, Inc. (NYSE:SPMC – Get Free Report) saw a significant decline in short interest in 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. Currently, 0.4% of the company’s stock are short sold. Based on an average daily volume of 43,044 shares, the days-to-cover ratio is currently 1.9 days.
Insider Activity at Sound Point Meridian Capital
In related news, major shareholder Guaranty Ltd Assured bought 242,718 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was bought at an average price of $24.72 per share, with a total value of $5,999,988.96. Following the completion of the transaction, the insider directly owned 1,002,718 shares of the company’s stock, valued at approximately $24,787,188.96. This represents a 31.94% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.89% of the stock is currently owned by corporate insiders.
Institutional Trading of Sound Point Meridian Capital
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kim LLC bought a new position in Sound Point Meridian Capital during the 2nd quarter valued at $192,821,000. Marshall Wace LLP lifted its position 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 last quarter. Citadel Advisors LLC bought a new position in shares of Sound Point Meridian Capital during the third quarter worth about $267,000. Thomas J. Herzfeld Advisors Inc. acquired a new position in Sound Point Meridian Capital in the fourth quarter worth about $189,000. Finally, Everest Management Corp. increased its holdings in Sound Point Meridian Capital by 5.6% in the fourth 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 last quarter.
Sound Point Meridian Capital Stock Performance
Sound Point Meridian Capital (NYSE:SPMC – Get Free Report) last issued its quarterly earnings results 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. Analysts predict that Sound Point Meridian Capital will post 1.22 earnings per share for the current fiscal year.
Sound Point Meridian Capital Dividend Announcement
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 given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 24.4%. Sound Point Meridian Capital’s dividend payout ratio (DPR) is presently -39.09%.
Wall Street Analysts Forecast Growth
Several research firms recently commented on SPMC. Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research report on Wednesday, May 27th. Zacks Research lowered shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Monday, June 1st. Finally, B. Riley Financial reduced their target price on shares of 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. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sound Point Meridian Capital currently has an average rating of “Hold” and a consensus price target of $16.10.
Read Our Latest Research Report on SPMC
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.
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