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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 7,400 shares, a decline of 17.8% from the September 30th total of 9,000 shares. Based on an average daily volume of 16,500 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.1% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Oppenheimer assumed coverage on shares of Sound Point Meridian Capital in a report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective on the stock. B. Riley assumed coverage on shares of Sound Point Meridian Capital in a report on Wednesday, October 9th. They issued a “buy” rating and a $22.50 price objective on the stock.

Sound Point Meridian Capital Trading Down 0.7 %

Shares of NYSE:SPMC opened at $19.06 on Monday. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $20.65. The firm has a 50 day moving average price of $19.70.

Sound Point Meridian Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.22 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 13.85%. The ex-dividend date of this dividend is Friday, November 15th.

Insider Buying and Selling at Sound Point Meridian Capital

In related news, Chairman Stephen Ketchum acquired 7,326 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were purchased at an average cost of $19.90 per share, for a total transaction of $145,787.40. Following the acquisition, the chairman now owns 7,326 shares in the company, valued at $145,787.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Frank Rimerman Advisors LLC purchased a new position in Sound Point Meridian Capital during the 2nd quarter worth $200,000. Choreo LLC purchased a new position in Sound Point Meridian Capital during the 2nd quarter worth $827,000. Finally, Envestnet Asset Management Inc. purchased a new position in Sound Point Meridian Capital during the 2nd quarter worth $2,860,000.

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.