Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Down 45.8% in August

Key Points

• Sound Point Meridian Capital, Inc. (NYSE:SPMC) experienced a 45.8% decline in short interest during August, with only 0.1% of shares short sold as of August 31st.
• Analysts have shown a positive outlook, with an average rating of "Buy" and a target price of $21.25 following upgrades from Zacks Research and coverage from Alliance Global Partners.
• The company recently declared a monthly dividend of $0.25 per share, resulting in a substantial annualized yield of 16.3%, despite a high payout ratio of 211.27%.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 18,900 shares, a decrease of 45.8% from the August 15th total of 34,900 shares. Based on an average trading volume of 24,000 shares, the short-interest ratio is presently 0.8 days. Approximately 0.1% of the shares of the company are short sold. Approximately 0.1% of the shares of the company are short sold. Based on an average trading volume of 24,000 shares, the short-interest ratio is presently 0.8 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Everest Management Corp. bought a new stake in Sound Point Meridian Capital in the second quarter worth $1,303,000. Marshall Wace LLP boosted its stake in Sound Point Meridian Capital by 35.4% during the second quarter. Marshall Wace LLP now owns 77,152 shares of the company's stock worth $1,379,000 after acquiring an additional 20,163 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Sound Point Meridian Capital by 8.6% during the first quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company's stock worth $2,908,000 after acquiring an additional 11,602 shares in the last quarter. Finally, Kim LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter worth approximately $192,821,000.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a research report on Friday, July 18th. They set a "buy" rating and a $20.00 price objective for the company. Zacks Research upgraded Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $21.25.

Sound Point Meridian Capital Price Performance

Shares of SPMC stock remained flat at $17.62 during trading on Friday. The company had a trading volume of 3,033 shares, compared to its average volume of 27,633. The company has a market cap of $356.51 million, a price-to-earnings ratio of 12.41 and a beta of 0.26. The stock's 50 day simple moving average is $18.00 and its 200-day simple moving average is $18.56. Sound Point Meridian Capital has a fifty-two week low of $16.26 and a fifty-two week high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.03). The company had revenue of $19.21 million during the quarter, compared to the consensus estimate of $20.72 million.

Sound Point Meridian Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, November 14th. This represents a c) annualized dividend and a dividend yield of 17.0%. Sound Point Meridian Capital's dividend payout ratio (DPR) is presently 211.27%.

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.