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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 12,100 shares, an increase of 450.0% from the February 28th total of 2,200 shares. Based on an average daily volume of 29,900 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the company’s shares are sold short.

Sound Point Meridian Capital Stock Performance

Shares of SPMC stock traded down $0.02 during trading hours on Wednesday, hitting $20.28. The company had a trading volume of 5,052 shares, compared to its average volume of 25,938. The company’s fifty day moving average is $20.87 and its 200 day moving average is $20.35. Sound Point Meridian Capital has a fifty-two week low of $18.20 and a fifty-two week high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last announced its earnings results on Wednesday, February 12th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.11.

Sound Point Meridian Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 14.79%. The ex-dividend date of this dividend is Tuesday, April 15th.

Analysts Set New Price Targets

Separately, B. Riley upgraded shares of Sound Point Meridian Capital to a “strong-buy” rating in a report on Tuesday, January 7th.

Hedge Funds Weigh In On Sound Point Meridian Capital

An institutional investor recently raised its position in Sound Point Meridian Capital stock. Oppenheimer & Co. Inc. lifted its holdings in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 15.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,920 shares of the company’s stock after purchasing an additional 2,145 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.08% of Sound Point Meridian Capital worth $333,000 as of its most recent filing with the SEC.

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.