Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Up 75.3% in July

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 66,043 shares, an increase of 75.3% from the June 30th total of 37,664 shares. Approximately 0.3% of the shares of the stock are sold short. Based on an average trading volume of 25,113 shares, the days-to-cover ratio is presently 2.6 days.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SPMC. Zacks Research upgraded Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Alliance Global Partners reiterated 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 and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.12.

Sound Point Meridian Capital Stock Up 0.3%

Shares of SPMC traded up $0.04 during midday trading on Friday, hitting $10.30. The company’s stock had a trading volume of 13,902 shares, compared to its average volume of 33,048. Sound Point Meridian Capital has a one year low of $8.36 and a one year high of $18.60. The stock has a market capitalization of $211.22 million, a price-to-earnings ratio of -1.68 and a beta of 1.20. The company’s fifty day simple moving average is $10.53 and its two-hundred day simple moving average is $10.80.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.07). The company had revenue of $12.57 million during the quarter, compared to analyst estimates of $17.20 million. On average, research analysts predict that Sound Point Meridian Capital will post 1.22 earnings per share for the current year.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.20 per share. This represents a c) dividend on an annualized basis and a yield of 23.3%. The ex-dividend date is Tuesday, September 15th. Sound Point Meridian Capital’s dividend payout ratio is currently -39.09%.

Institutional Trading of Sound Point Meridian Capital

A number of hedge funds have recently added to or reduced their stakes in the stock. Kim LLC acquired a new position in shares of Sound Point Meridian Capital during the second quarter worth $192,821,000. Allied Private Wealth LLC acquired a new stake in shares of Sound Point Meridian Capital during the 2nd quarter valued at $984,000. Everest Management Corp. grew its position in Sound Point Meridian Capital by 5.6% during the 4th quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock worth $1,097,000 after acquiring an additional 4,243 shares during the last quarter. Marshall Wace LLP grew its position in Sound Point Meridian Capital by 35.4% during the 2nd quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after acquiring an additional 20,163 shares during the last quarter. Finally, Virtus Investment Advisers LLC increased its holdings in Sound Point Meridian Capital by 7.5% in the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after purchasing an additional 2,061 shares in the last quarter.

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.