Sound Point Meridian Capital, Inc. (NYSE:SPMC) Shares Shorted: Short Interest Down 54.1% in September

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totaling 50,773 shares, a decrease of 54.1% from the September 15th total of 110,676 shares. Based on an average daily trading volume, of 21,120 shares, the short-interest ratio is currently 2.4 days. Currently, 0.2% of the shares of the company are short sold.

Sound Point Meridian Capital Stock Down 4.0%

SPMC traded down $0.31 during midday trading on Tuesday, reaching $7.39. The company had a trading volume of 55,236 shares, compared to its average volume of 31,881. The business has a 50-day moving average of $9.25 and a two-hundred day moving average of $9.95. The company has a market cap of $151.50 million, a P/E ratio of -1.28 and a beta of 1.20. Sound Point Meridian Capital has a 1 year low of $7.10 and a 1 year high of $17.50.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.06). The firm had revenue of $12.42 million during the quarter, compared to analysts’ expectations of $14.18 million. On average, equities research analysts predict that Sound Point Meridian Capital will post 1.11 EPS for the current year.

Sound Point Meridian Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a $0.13 dividend. This represents a $1.56 annualized dividend and a yield of 21.1%. The ex-dividend date of this dividend is Tuesday, December 15th. Sound Point Meridian Capital’s dividend payout ratio is currently -41.52%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, September 28th. B. Riley Financial cut their price objective on shares of Sound Point Meridian Capital from $10.50 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Sound Point Meridian Capital presently has an average rating of “Hold” and an average target price of $15.12.

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new position in Sound Point Meridian Capital stock. Allied Private Wealth LLC purchased a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 94,982 shares of the company’s stock, valued at approximately $984,000. Allied Private Wealth LLC owned approximately 0.46% of Sound Point Meridian Capital at the end of the most recent reporting period.

About Sound Point Meridian Capital

Sound Point Meridian Capital, Inc (NYSE: SPMC) is a closed-end investment company focused primarily on opportunities in the collateralized loan obligation (CLO) market. The company seeks to generate current income and long-term total returns through investments in CLO equity and subordinated debt tranches, which are backed primarily by portfolios of corporate senior secured loans.

In addition to CLO investments, Sound Point Meridian Capital may invest in senior secured loans and other credit instruments.