Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Down 41.8% in September

Key Points

• Short interest in Sound Point Meridian Capital, Inc. decreased by 41.8% in September, totaling 11,000 shares compared to 18,900 shares at the end of August.
• Hedge funds have actively traded shares of SPMC, with notable increases in holdings by Marshall Wace LLP and a new position from Kim LLC worth around $192.8 million.
• The company announced a $0.25 monthly dividend with a yield of 16.7%, set to be paid on November 28th, indicating a payout ratio of 211.27%.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) was the recipient of a significant decline in short interest in September. As of September 15th, there was short interest totaling 11,000 shares, a decline of 41.8% from the August 31st total of 18,900 shares. Based on an average daily trading volume, of 21,600 shares, the short-interest ratio is presently 0.5 days. Based on an average daily trading volume, of 21,600 shares, the short-interest ratio is presently 0.5 days.

Institutional Trading of Sound Point Meridian Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPMC. Everest Management Corp. acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth about $1,303,000. Marshall Wace LLP grew its position in shares of Sound Point Meridian Capital by 35.4% during the 2nd 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 during the period. Envestnet Asset Management Inc. grew its position in shares of Sound Point Meridian Capital by 8.6% during the 1st 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 during the period. Finally, Kim LLC acquired a new position in shares of Sound Point Meridian Capital during the 2nd quarter worth about $192,821,000.

Analyst Ratings Changes

A number of research firms have weighed in on SPMC. Alliance Global Partners began coverage on shares of Sound Point Meridian Capital in a research note on Friday, July 18th. They set a "buy" rating and a $20.00 price target on the stock. Compass Point set a $20.00 price objective on Sound Point Meridian Capital in a report on Tuesday. Finally, Zacks Research raised Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a 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 company. According to MarketBeat.com, Sound Point Meridian Capital presently has a consensus rating of "Buy" and an average target price of $20.83.

Sound Point Meridian Capital Stock Up 1.0%

Sound Point Meridian Capital stock opened at $17.93 on Friday. The stock has a 50-day simple moving average of $17.87 and a 200 day simple moving average of $18.25. Sound Point Meridian Capital has a 12-month low of $16.26 and a 12-month high of $22.30. The stock has a market capitalization of $362.62 million, a price-to-earnings ratio of 12.62 and a beta of 0.22.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $0.53 EPS 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 analysts' expectations of $20.72 million.

Sound Point Meridian Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be given a $0.25 dividend. This represents a c) dividend on an annualized basis and a yield of 16.7%. The ex-dividend date is Friday, November 14th. 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.

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