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

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

Analysts Set New Price Targets

SPMC has been the subject of a number of research reports. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Monday. Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a report on Wednesday, February 11th. Finally, B. Riley Financial decreased 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. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.10.

Sound Point Meridian Capital Stock Up 0.6%

Shares of NYSE:SPMC traded up $0.06 during mid-day trading on Friday, reaching $9.76. 25,423 shares of the stock were exchanged, compared to its average volume of 40,009. The company has a market cap of $200.11 million, a P/E ratio of -2.77 and a beta of 0.66. Sound Point Meridian Capital has a one year low of $8.36 and a one year high of $20.20. The stock’s 50 day simple moving average is $9.97 and its 200-day simple moving average is $13.31.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 earnings per share (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 Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) annualized dividend and a yield of 24.6%. Sound Point Meridian Capital’s dividend payout ratio is -67.99%.

Insider Activity

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total value of $65,282.22. Following the completion of the sale, the insider directly owned 5,269,690 shares in the company, valued at $75,409,263.90. This represents a 0.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 5,104 shares of company stock valued at $73,035 in the last ninety days. 0.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Kim LLC acquired a new position in Sound Point Meridian Capital during the second quarter valued at approximately $192,821,000. Everest Management Corp. boosted its position in Sound Point Meridian Capital by 5.6% during the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after purchasing an additional 4,243 shares during the last quarter. Marshall Wace LLP boosted its position in Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after purchasing an additional 20,163 shares during the last quarter. Virtus Investment Advisers LLC boosted its position in Sound Point Meridian Capital by 7.5% during the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock valued at $407,000 after purchasing an additional 2,061 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new position in Sound Point Meridian Capital during the third quarter valued at approximately $267,000.

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. Sound Point Meridian Capital Inc is based in NEW YORK.