Sound Point Meridian Capital, Inc. (NYSE:SPMC – Get Free Report) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 84,209 shares, a decrease of 37.0% from the August 15th total of 133,718 shares. Based on an average daily volume of 28,679 shares, the short-interest ratio is presently 2.9 days. Currently, 0.4% of the shares of the company are sold short.
Institutional Trading of Sound Point Meridian Capital
An institutional investor recently bought a new stake in Sound Point Meridian Capital stock. Advisory Solutions Group LLC purchased a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 31,935 shares of the company’s stock, valued at approximately $316,000. Advisory Solutions Group LLC owned 0.16% of Sound Point Meridian Capital at the end of the most recent reporting period.
Sound Point Meridian Capital Stock Performance
NYSE SPMC traded down $0.06 during trading hours on Friday, hitting $9.00. The company had a trading volume of 10,197 shares, compared to its average volume of 32,404. Sound Point Meridian Capital has a 52 week low of $8.36 and a 52 week high of $18.20. The firm has a 50 day simple moving average of $9.89 and a 200 day simple moving average of $10.10. The firm has a market capitalization of $184.47 million, a price-to-earnings ratio of -1.56 and a beta of 1.14.
Sound Point Meridian Capital Announces Dividend
The business also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a c) dividend on an annualized basis and a dividend yield of 17.3%. Sound Point Meridian Capital’s dividend payout ratio is presently -26.99%.
Wall Street Analysts Forecast Growth
SPMC has been the subject of several research reports. B. Riley Financial cut their price target on Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Zacks Research lowered shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sound Point Meridian Capital has an average rating of “Hold” and a consensus price target of $15.12.
Get Our Latest Analysis on Sound Point Meridian Capital
Sound Point Meridian Capital Company Profile
Sound Point Meridian Capital, Inc (NYSE: SPMC) is a closed-end investment company focused on opportunities in the collateralized loan obligation (CLO) market. The company primarily invests in CLO equity and junior debt securities backed by diversified portfolios of corporate loans.
Its investment strategy is designed to generate current income and long-term total returns through exposure to broadly syndicated loans and structured credit markets. Sound Point Meridian Capital is externally managed by Sound Point Capital Management, an alternative investment manager specializing in credit and structured finance.
The company’s investments are primarily connected to the U.S.
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