Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Down 66.9% in March

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 4,000 shares, a decrease of 66.9% from the March 15th total of 12,100 shares. Approximately 0.0% of the company’s shares are short sold. Based on an average daily trading volume, of 35,300 shares, the days-to-cover ratio is presently 0.1 days.

Wall Street Analyst Weigh In

Separately, B. Riley upgraded shares of Sound Point Meridian Capital to a “strong-buy” rating in a research note on Tuesday, January 7th.

Sound Point Meridian Capital Trading Down 3.5 %

SPMC stock traded down $0.66 during midday trading on Wednesday, reaching $17.99. 16,067 shares of the company’s stock traded hands, compared to its average volume of 26,934. Sound Point Meridian Capital has a 52 week low of $16.26 and a 52 week high of $22.30. The company has a 50-day moving average price of $20.30 and a two-hundred day moving average price of $20.23.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.11.

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 16.68%. The ex-dividend date of this dividend is Tuesday, April 15th.

Hedge Funds Weigh In On Sound Point Meridian Capital

An institutional investor recently raised its position in Sound Point Meridian Capital stock. Oppenheimer & Co. Inc. raised its holdings in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 15.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,920 shares of the company’s stock after purchasing an additional 2,145 shares during the period. Oppenheimer & Co. Inc. owned approximately 0.08% of Sound Point Meridian Capital worth $333,000 at the end of the most recent quarter.

About Sound Point Meridian Capital

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.