Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Up 594.0% in March

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 124,386 shares, a growth of 594.0% from the February 26th total of 17,922 shares. Approximately 0.6% of the shares of the company are sold short. Based on an average daily volume of 48,973 shares, the short-interest ratio is presently 2.5 days. Based on an average daily volume of 48,973 shares, the short-interest ratio is presently 2.5 days. Approximately 0.6% of the shares of the company are sold short.

Sound Point Meridian Capital Trading Down 2.7%

Shares of NYSE SPMC traded down $0.24 during mid-day trading on Tuesday, reaching $8.56. The company had a trading volume of 12,104 shares, compared to its average volume of 46,094. The stock has a market cap of $175.38 million, a PE ratio of -2.42 and a beta of 0.68. The company has a 50-day moving average price of $11.52 and a two-hundred day moving average price of $14.28. Sound Point Meridian Capital has a 1-year low of $8.36 and a 1-year high of $20.64.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results 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 firm had revenue of $17.95 million during the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.20 per share. This represents a c) annualized dividend and a yield of 28.1%. The ex-dividend date is Monday, June 15th. Sound Point Meridian Capital’s payout ratio is presently -84.99%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SPMC shares. Alliance Global Partners reaffirmed a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. Zacks Research lowered shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Monday, March 2nd. 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 on the stock in a research note on Monday, March 16th. Oppenheimer set a $20.00 target price on shares of Sound Point Meridian Capital in a report on Monday, December 1st. Finally, Compass Point set a $12.00 target price on shares of Sound Point Meridian Capital in a research note on Wednesday, February 11th. 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.com, Sound Point Meridian Capital has a consensus rating of “Hold” and a consensus target price of $16.10.

Insider Activity at Sound Point Meridian Capital

In related news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $14.31, for a total value of $65,282.22. Following the completion of the sale, the insider owned 5,269,690 shares of the company’s stock, valued at $75,409,263.90. This represents a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 10,701 shares of company stock worth $154,990 over the last quarter. 0.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SPMC. Virtus Investment Advisers LLC increased its position in shares of Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company’s stock worth $407,000 after acquiring an additional 2,061 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. acquired a new position in Sound Point Meridian Capital in the 4th quarter worth approximately $189,000. Everest Management Corp. boosted its stake 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 purchasing an additional 4,243 shares during the period. Citadel Advisors LLC purchased a new position in Sound Point Meridian Capital during the 3rd quarter worth approximately $267,000. Finally, Kim LLC purchased a new position in Sound Point Meridian Capital during the 2nd quarter worth approximately $192,821,000.

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.