Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Down 17.2% in December

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large decline in short interest during the month of December. As of December 15th, there was short interest totaling 9,367 shares, a decline of 17.2% from the November 30th total of 11,318 shares. Based on an average trading volume of 32,190 shares, the short-interest ratio is presently 0.3 days. Approximately 0.0% of the shares of the stock are short sold. Approximately 0.0% of the shares of the stock are short sold. Based on an average trading volume of 32,190 shares, the short-interest ratio is presently 0.3 days.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SPMC. Compass Point set a $20.00 target price on shares of Sound Point Meridian Capital in a report on Tuesday, September 30th. B. Riley cut their price objective on Sound Point Meridian Capital from $23.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Industrial Alliance Securities set a $18.50 target price on Sound Point Meridian Capital in a research note on Thursday, November 13th. Oppenheimer set a $20.00 price target on Sound Point Meridian Capital in a research note on Monday, December 1st. Finally, Zacks Research downgraded shares of Sound Point Meridian Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, November 21st. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.90.

Insider Activity at Sound Point Meridian Capital

In related news, Director Matthew E. Forstenhausler bought 4,118 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was bought at an average cost of $13.60 per share, for a total transaction of $56,004.80. Following the completion of the transaction, the director owned 6,318 shares of the company’s stock, valued at approximately $85,924.80. The trade was a 187.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Guaranty Ltd Assured sold 1,882 shares of the firm’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $16.64, for a total value of $31,316.48. Following the sale, the insider owned 5,281,112 shares in the company, valued at $87,877,703.68. The trade was a 0.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders purchased 36,480 shares of company stock valued at $549,997 and sold 16,929 shares valued at $290,924. Insiders own 0.89% of the company’s stock.

Institutional Trading of Sound Point Meridian Capital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital in the 3rd quarter worth $267,000. Everest Management Corp. purchased a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at about $1,303,000. Marshall Wace LLP grew its stake in shares of Sound Point Meridian Capital by 35.4% during 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. Finally, Kim LLC bought a new position in shares of Sound Point Meridian Capital during the 2nd quarter valued at approximately $192,821,000.

Sound Point Meridian Capital Stock Up 1.1%

Shares of Sound Point Meridian Capital stock traded up $0.15 on Wednesday, reaching $13.69. The company’s stock had a trading volume of 30,344 shares, compared to its average volume of 27,451. Sound Point Meridian Capital has a 52 week low of $13.06 and a 52 week high of $22.30. The firm’s fifty day simple moving average is $15.00 and its two-hundred day simple moving average is $16.76. The company has a market capitalization of $280.60 million, a price-to-earnings ratio of 68.45 and a beta of 0.25.

Sound Point Meridian Capital (NYSE:SPMC) last released its quarterly earnings data on Thursday, November 13th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.02). The company had revenue of $20.23 million during the quarter, compared to the consensus estimate of $20.45 million.

Sound Point Meridian Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a $0.25 dividend. This represents a c) annualized dividend and a dividend yield of 21.9%. The ex-dividend date is Monday, March 16th. Sound Point Meridian Capital’s dividend payout ratio is 1,500.00%.

About Sound Point Meridian Capital

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.