Sound Point Meridian Capital, Inc. (NYSE:SPMC) Sees Large Growth in Short Interest

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a significant increase in short interest in 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 stock are sold short.

Institutional Trading of Sound Point Meridian Capital

A hedge fund recently raised its stake in Sound Point Meridian Capital stock. Oppenheimer & Co. Inc. boosted its position in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 15.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,920 shares of the company’s stock after purchasing an additional 2,145 shares during the period. Oppenheimer & Co. Inc. owned approximately 0.08% of Sound Point Meridian Capital worth $333,000 at the end of the most recent quarter.

Sound Point Meridian Capital Price Performance

Shares of Sound Point Meridian Capital stock traded down $0.02 during mid-day trading on Wednesday, reaching $20.28. 5,052 shares of the stock traded hands, compared to its average volume of 25,938. The business has a 50-day moving average of $20.87 and a 200 day moving average of $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 quarterly earnings data on Wednesday, February 12th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.11.

Sound Point Meridian Capital Announces Dividend

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

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.

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.