Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Update

Key Points

• Short interest rose 31.4% in March to 163,481 shares (about 0.8% of the company), with a days-to-cover ratio of 5.1, indicating increased bearish positioning.
• Sound Point declared a monthly $0.20 dividend payable June 30 (ex-dividend June 15), implying a roughly 24.6% yield.
• The company missed quarterly estimates (EPS $0.44 vs. $0.55 expected; revenue $17.95M vs. $20.45M), and analysts' consensus is a Hold with a $16.10 target after some price-target cuts.

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 163,481 shares, an increase of 31.4% from the March 15th total of 124,386 shares. Approximately 0.8% of the company's shares are short sold. Based on an average trading volume of 32,000 shares, the days-to-cover ratio is currently 5.1 days.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SPMC shares. Compass Point set a $12.00 price objective on Sound Point Meridian Capital in a report on Wednesday, February 11th. B. Riley Financial dropped their price objective on Sound Point Meridian Capital from $12.00 to $10.00 and set a "neutral" rating for the company in a report on Monday, March 16th. Alliance Global Partners reiterated a "buy" rating on shares of Sound Point Meridian Capital in a report on Wednesday, February 11th. Finally, Zacks Research upgraded Sound Point Meridian Capital from a "strong sell" rating to a "hold" rating in a report on Monday. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Sound Point Meridian Capital presently has an average rating of "Hold" and a consensus target price of $16.10.

Insider Buying and Selling at Sound Point Meridian Capital

In other news, major shareholder Guaranty Ltd Assured sold 4,562 shares of the business's stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $14.31, for a total transaction of $65,282.22. Following the completion of the sale, the insider owned 5,269,690 shares in the company, valued at $75,409,263.90. The trade was a 0.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 5,104 shares of company stock worth $73,035 in the last ninety days. Insiders own 0.89% of the company's stock.

Institutional Investors Weigh In On Sound Point Meridian Capital

Large investors have recently modified their holdings of the business. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Sound Point Meridian Capital in the fourth quarter worth about $189,000. Citadel Advisors LLC bought a new stake in shares of Sound Point Meridian Capital in the third quarter worth about $267,000. Virtus Investment Advisers LLC increased its holdings in shares of Sound Point Meridian Capital by 7.5% in the fourth quarter. Virtus Investment Advisers LLC now owns 29,620 shares of the company's stock worth $407,000 after acquiring an additional 2,061 shares in the last quarter. Everest Management Corp. increased its holdings in shares of Sound Point Meridian Capital by 5.6% in the fourth quarter. Everest Management Corp. now owns 79,798 shares of the company's stock worth $1,097,000 after acquiring an additional 4,243 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings 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 acquiring an additional 20,163 shares in the last quarter.

Sound Point Meridian Capital Stock Up 0.6%

NYSE SPMC traded up $0.06 on Friday, reaching $9.76. The company had a trading volume of 25,423 shares, compared to its average volume of 40,009. The stock's 50 day moving average is $9.97 and its 200-day moving average is $13.31. The stock has a market cap of $200.11 million, a price-to-earnings ratio of -2.77 and a beta of 0.66. Sound Point Meridian Capital has a 52 week low of $8.36 and a 52 week high of $20.20.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.44 EPS for the quarter, missing analysts' consensus estimates of $0.55 by ($0.11). The company had revenue of $17.95 million during the quarter, compared to analyst estimates of $20.45 million.

Sound Point Meridian Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.20 dividend. This represents a c) annualized dividend and a dividend yield of 24.6%. The ex-dividend date is Monday, June 15th. Sound Point Meridian Capital's dividend payout ratio is -67.99%.

Sound Point Meridian Capital Company Profile

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. Sound Point Meridian Capital Inc is based in NEW YORK.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.