Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Declines By 58.1%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a significant decline in short interest in the month of 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 shares of the company are sold short. Based on an average daily volume of 43,044 shares, the days-to-cover ratio is currently 1.9 days.

Sound Point Meridian Capital Stock Up 0.2%

NYSE SPMC traded up $0.02 during trading hours on Monday, hitting $9.85. The company had a trading volume of 16,632 shares, compared to its average volume of 35,886. Sound Point Meridian Capital has a fifty-two week low of $8.36 and a fifty-two week high of $18.60. The business has a fifty day simple moving average of $10.62 and a 200-day simple moving average of $11.39. The firm has a market cap of $201.86 million, a P/E ratio of -1.60 and a beta of 1.15.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.07). The firm had revenue of $12.57 million for the quarter, compared to analyst estimates of $17.20 million. Equities analysts forecast that Sound Point Meridian Capital will post 1.22 EPS for the current fiscal year.

Sound Point Meridian Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.20 dividend. The ex-dividend date is Tuesday, September 15th. This represents a c) annualized dividend and a yield of 24.4%. Sound Point Meridian Capital’s dividend payout ratio is -39.09%.

Insiders Place Their Bets

In other Sound Point Meridian Capital news, major shareholder Guaranty Ltd Assured bought 242,718 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were bought at an average cost of $24.72 per share, with a total value of $5,999,988.96. Following the completion of the acquisition, the insider owned 1,002,718 shares of the company’s stock, valued at approximately $24,787,188.96. This trade 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 is accessible through this hyperlink. 0.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several large investors have recently made changes to their positions in the company. Virtus Investment Advisers LLC raised its holdings in shares of 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 buying an additional 2,061 shares during the last quarter. Everest Management Corp. grew its holdings in Sound Point Meridian Capital by 5.6% in the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after buying an additional 4,243 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. bought a new position in Sound Point Meridian Capital in the 4th quarter worth approximately $189,000. Citadel Advisors LLC acquired a new stake in Sound Point Meridian Capital in the 3rd quarter valued at approximately $267,000. Finally, Marshall Wace LLP increased its position in Sound Point Meridian Capital by 35.4% in the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock valued at $1,379,000 after acquiring an additional 20,163 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SPMC shares. B. Riley Financial lowered their price objective on shares of Sound Point Meridian Capital from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. Zacks Research cut shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a report on Monday, June 1st. Finally, Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a research note on Wednesday, May 27th. One equities 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. Based on data from MarketBeat, Sound Point Meridian Capital presently has a consensus rating of “Hold” and a consensus target price of $16.10.

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.