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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant drop in short interest in August. As of August 31st, there was short interest totaling 84,209 shares, a drop of 37.0% from the August 15th total of 133,718 shares. Approximately 0.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 28,679 shares, the short-interest ratio is presently 2.9 days.

Institutional Trading of Sound Point Meridian Capital

An institutional investor recently bought a new stake in Sound Point Meridian Capital stock. Allied Private Wealth LLC bought a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 94,982 shares of the company’s stock, valued at approximately $984,000. Allied Private Wealth LLC owned about 0.46% of Sound Point Meridian Capital at the end of the most recent reporting period.

Analysts Set New Price Targets

SPMC has been the topic of several recent analyst reports. B. Riley Financial reduced their price objective on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Zacks Research downgraded Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $15.12.

Sound Point Meridian Capital Stock Performance

Sound Point Meridian Capital stock traded down $0.14 during trading on Thursday, reaching $9.05. 12,909 shares of the company’s stock were exchanged, compared to its average volume of 32,530. The company’s 50-day moving average is $9.89 and its two-hundred day moving average is $10.10. Sound Point Meridian Capital has a 52-week low of $8.36 and a 52-week high of $18.20. The firm has a market cap of $185.63 million, a price-to-earnings ratio of -1.57 and a beta of 1.14.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). The firm had revenue of $12.42 million for the quarter, compared to analyst estimates of $14.18 million. Analysts anticipate that Sound Point Meridian Capital will post 1.04 EPS for the current year.

Sound Point Meridian Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a $0.13 dividend. This represents a c) dividend on an annualized basis and a yield of 17.2%. The ex-dividend date of this dividend is Tuesday, December 15th. Sound Point Meridian Capital’s dividend payout ratio is -41.52%.

About Sound Point Meridian Capital

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.