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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant increase in short interest during 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. Based on an average daily volume of 25,113 shares, the short-interest ratio is currently 2.6 days. Approximately 0.3% of the shares of the company are sold short.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several institutional investors have recently added to or reduced their stakes in SPMC. Virtus Investment Advisers LLC boosted its position in 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 worth $407,000 after purchasing an additional 2,061 shares during the period. Everest Management Corp. raised its position in shares of Sound Point Meridian Capital by 5.6% in the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company’s stock valued at $1,097,000 after purchasing an additional 4,243 shares during the period. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital in the fourth quarter valued at approximately $189,000. Citadel Advisors LLC purchased a new stake in shares of Sound Point Meridian Capital during the 3rd quarter valued at approximately $267,000. Finally, Marshall Wace LLP lifted 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 buying an additional 20,163 shares in the last quarter.

Analysts Set New Price Targets

SPMC has been the subject of several research analyst reports. Zacks Research raised Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Alliance Global Partners restated a “buy” rating on shares of Sound Point Meridian Capital in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Sound Point Meridian Capital presently has a consensus rating of “Hold” and a consensus target price of $15.12.

Sound Point Meridian Capital Trading Up 0.3%

Shares of NYSE:SPMC traded up $0.04 during mid-day trading on Friday, reaching $10.30. The company had a trading volume of 13,902 shares, compared to its average volume of 17,037. Sound Point Meridian Capital has a one year low of $8.36 and a one year high of $18.60. The company’s 50-day moving average price is $10.51 and its 200-day moving average price is $10.80. The firm has a market cap of $211.25 million, a price-to-earnings ratio of -1.68 and a beta of 1.20.

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 business had revenue of $12.57 million during the quarter, compared to analyst estimates of $17.20 million. On average, research analysts anticipate that Sound Point Meridian Capital will post 1.22 EPS for the current fiscal year.

Sound Point Meridian Capital Dividend Announcement

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

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.