Sound Point Meridian Capital, Inc. (NYSE:SPMC) Stock Short Interest Falls 56.9%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 21,886 shares, a drop of 56.9% from the September 30th total of 50,773 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily volume of 31,396 shares, the days-to-cover ratio is currently 0.7 days.

Sound Point Meridian Capital Price Performance

Shares of Sound Point Meridian Capital stock traded down $0.15 during trading on Friday, hitting $5.75. 34,955 shares of the company were exchanged, compared to its average volume of 40,425. The firm has a market capitalization of $117.86 million, a P/E ratio of -0.99 and a beta of 1.20. Sound Point Meridian Capital has a 1-year low of $5.49 and a 1-year high of $16.75. The firm’s fifty day moving average price is $8.20 and its 200 day moving average price is $10.07.

Sound Point Meridian Capital (NYSE:SPMC) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). The company had revenue of $12.42 million for the quarter, compared to analysts’ expectations of $14.18 million. As a group, equities research analysts anticipate that Sound Point Meridian Capital will post 1.11 earnings per share for the current year.

Sound Point Meridian Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a $0.13 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $1.56 annualized dividend and a dividend yield of 27.1%. Sound Point Meridian Capital’s payout ratio is currently -26.99%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SPMC. Zacks Research upgraded shares of Sound Point Meridian Capital from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. 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 on the stock in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Sound Point Meridian Capital presently has an average rating of “Moderate Buy” and a consensus price target of $15.12.

Institutional Trading of 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 Sound Point Meridian Capital, Inc. (NYSE:SPMC) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 94,982 shares of the company’s stock, valued at approximately $984,000. Allied Private Wealth LLC owned 0.46% of Sound Point Meridian Capital as of its most recent SEC filing.

About Sound Point Meridian Capital

Sound Point Meridian Capital, Inc (NYSE: SPMC) is a closed-end investment company focused on investing in collateralized loan obligations (CLOs). The company primarily seeks exposure to CLO equity and junior debt tranches, which are backed by pools of senior secured loans made to corporate borrowers.

Sound Point Meridian Capital is externally managed by an affiliate of Sound Point Capital Management, an alternative investment manager. Its investment strategy is designed to provide shareholders with income and potential capital appreciation through a diversified portfolio of CLO investments rather than through the direct operation of businesses or the sale of consumer products and services.

The company invests in U.S.