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 large decrease in short interest in 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. Approximately 0.2% of the shares of the company are sold short. Based on an average trading volume of 21,120 shares, the short-interest ratio is presently 2.4 days.

Analyst Ratings Changes

A number of analysts have recently issued reports on SPMC shares. B. Riley Financial dropped their price target 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. Zacks Research raised shares of Sound Point Meridian Capital from a “strong sell” rating to a “hold” rating in a report on Monday, September 28th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $15.12.

Sound Point Meridian Capital Stock Performance

Shares of NYSE SPMC traded down $0.31 during midday trading on Tuesday, hitting $7.39. 55,236 shares of the stock traded hands, compared to its average volume of 31,881. The firm has a market capitalization of $151.50 million, a P/E ratio of -1.28 and a beta of 1.20. Sound Point Meridian Capital has a one year low of $7.10 and a one year high of $17.50. The firm has a 50-day moving average of $9.25 and a two-hundred day moving average of $9.95.

Sound Point Meridian Capital (NYSE:SPMC) last issued 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 company had revenue of $12.42 million during the quarter, compared to the consensus estimate of $14.18 million. Equities analysts forecast that Sound Point Meridian Capital will post 1.11 earnings per share for the current fiscal year.

Sound Point Meridian Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be given 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 (DPR) is presently -41.52%.

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new stake in Sound Point Meridian Capital stock. Allied Private Wealth LLC acquired a new position in Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 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 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.