Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Decreases By 48.8%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 4,400 shares, a drop of 48.8% from the January 15th total of 8,600 shares. Based on an average trading volume of 24,900 shares, the short-interest ratio is currently 0.2 days. Currently, 0.0% of the shares of the company are sold short.

Sound Point Meridian Capital Stock Up 1.5 %

Shares of NYSE:SPMC traded up $0.33 during mid-day trading on Thursday, hitting $21.88. The stock had a trading volume of 35,297 shares, compared to its average volume of 30,708. The company’s 50 day moving average is $20.67 and its 200-day moving average is $20.07. Sound Point Meridian Capital has a 12-month low of $18.20 and a 12-month high of $22.24.

Sound Point Meridian Capital (NYSE:SPMC) last released 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 firm also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 13.71%. The ex-dividend date of this dividend is Friday, June 13th.

Insiders Place Their Bets

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum purchased 4,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $20.32 per share, with a total value of $81,280.00. Following the completion of the purchase, the chairman now owns 23,326 shares in the company, valued at $473,984.32. This trade represents a 20.70 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have acquired 6,000 shares of company stock valued at $121,850 over the last quarter.

Institutional Investors Weigh In On Sound Point Meridian Capital

A hedge fund recently bought a new stake in Sound Point Meridian Capital stock. Oppenheimer & Co. Inc. purchased a new position in Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,775 shares of the company’s stock, valued at approximately $272,000.

Wall Street Analyst Weigh In

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

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.