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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 17,922 shares, a decrease of 46.4% from the February 12th total of 33,466 shares. Based on an average trading volume of 51,140 shares, the short-interest ratio is presently 0.4 days. Currently, 0.1% of the shares of the stock are short sold. Currently, 0.1% of the shares of the stock are short sold. Based on an average trading volume of 51,140 shares, the short-interest ratio is presently 0.4 days.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, Director Matthew E. Forstenhausler acquired 4,118 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The shares were bought at an average price of $13.60 per share, with a total value of $56,004.80. Following the acquisition, the director directly owned 6,318 shares in the company, valued at $85,924.80. The trade was a 187.18% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business’s stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total value of $65,282.22. Following the sale, the insider owned 5,269,690 shares in the company, valued at $75,409,263.90. This represents a 0.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have purchased 11,480 shares of company stock worth $150,127 and have sold 10,701 shares worth $154,990. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Sound Point Meridian Capital

Institutional investors have recently bought and sold shares of the company. Everest Management Corp. lifted its stake in shares of Sound Point Meridian Capital by 3.7% in the 3rd quarter. Everest Management Corp. now owns 75,555 shares of the company’s stock valued at $1,311,000 after purchasing an additional 2,697 shares during the period. Marshall Wace LLP increased its holdings in Sound Point Meridian Capital by 35.4% in the second quarter. Marshall Wace LLP now owns 77,152 shares of the company’s stock worth $1,379,000 after purchasing an additional 20,163 shares in the last quarter. Kim LLC acquired a new position in Sound Point Meridian Capital in the second quarter valued at approximately $192,821,000. Virtus Investment Advisers LLC boosted its holdings in shares of Sound Point Meridian Capital by 7.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after buying an additional 2,061 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new stake in shares of Sound Point Meridian Capital during the 3rd quarter worth approximately $267,000.

Sound Point Meridian Capital Price Performance

Shares of Sound Point Meridian Capital stock traded up $0.05 during midday trading on Thursday, reaching $9.73. The company had a trading volume of 53,924 shares, compared to its average volume of 36,917. The stock has a fifty day moving average price of $12.51 and a 200 day moving average price of $14.86. Sound Point Meridian Capital has a fifty-two week low of $9.10 and a fifty-two week high of $21.75. The firm has a market cap of $199.44 million, a PE ratio of -2.76 and a beta of 0.68.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.11). The business had revenue of $17.95 million for the quarter, compared to analysts’ expectations of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.20 per share. This represents a c) dividend on an annualized basis and a yield of 24.7%. The ex-dividend date of this dividend is Monday, June 15th. Sound Point Meridian Capital’s dividend payout ratio (DPR) is currently -84.99%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Zacks Research downgraded Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research note on Monday, March 2nd. Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a report on Monday, December 1st. B. Riley Financial restated a “neutral” rating and issued a $12.00 price target (down from $16.00) on shares of Sound Point Meridian Capital in a research report on Thursday, February 12th. iA Financial set a $18.50 price target on shares of Sound Point Meridian Capital in a research note on Thursday, November 13th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.50.

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.