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

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) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 18,900 shares, a drop of 45.8% from the August 15th total of 34,900 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily volume of 24,000 shares, the short-interest ratio is presently 0.8 days. Based on an average daily volume of 24,000 shares, the short-interest ratio is presently 0.8 days. Currently, 0.1% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

SPMC has been the subject of several research reports. Zacks Research raised Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. Alliance Global Partners assumed coverage on Sound Point Meridian Capital in a report on Friday, July 18th. They set a "buy" rating and a $20.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Sound Point Meridian Capital has an average rating of "Buy" and an average target price of $21.25.

Sound Point Meridian Capital Trading Up 0.1%

NYSE SPMC opened at $18.42 on Friday. The firm has a market capitalization of $372.69 million, a PE ratio of 12.97 and a beta of 0.26. The business's 50-day moving average price is $18.04 and its two-hundred day moving average price is $18.62. 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 posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.03). The company had revenue of $19.21 million during the quarter, compared to analyst estimates of $20.72 million.

Sound Point Meridian Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a dividend of $0.25 per share. This represents a c) annualized dividend and a yield of 16.3%. The ex-dividend date of this dividend is Friday, November 14th. Sound Point Meridian Capital's dividend payout ratio is 211.27%.

Hedge Funds Weigh In On Sound Point Meridian Capital

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

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