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

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) was the recipient of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 8,200 shares, a growth of 105.0% from the March 31st total of 4,000 shares. Based on an average trading volume of 36,200 shares, the short-interest ratio is presently 0.2 days. Currently, 0.0% of the company's shares are short sold.

Analyst Upgrades and Downgrades

Separately, B. Riley raised Sound Point Meridian Capital to a "strong-buy" rating in a research report on Tuesday, January 7th.

Sound Point Meridian Capital Trading Down 1.1 %

NYSE SPMC traded down $0.20 on Thursday, reaching $18.77. 10,550 shares of the stock traded hands, compared to its average volume of 26,557. The company has a fifty day moving average price of $19.72 and a 200-day moving average price of $20.15. Sound Point Meridian Capital has a 12 month low of $16.26 and a 12 month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last issued its earnings results 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 business also recently declared a monthly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 15.98%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its holdings in shares of Sound Point Meridian Capital by 8.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company's stock valued at $2,908,000 after acquiring an additional 11,602 shares during the period. Marshall Wace LLP purchased a new position in Sound Point Meridian Capital during the 4th quarter worth $371,000. Finally, Oppenheimer & Co. Inc. grew its stake in Sound Point Meridian Capital by 15.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 15,920 shares of the company's stock worth $333,000 after buying an additional 2,145 shares during the last quarter.

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.