Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Rises By 450.0%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 12,100 shares, an increase of 450.0% from the February 28th total of 2,200 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average trading volume of 29,900 shares, the short-interest ratio is currently 0.4 days.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Sound Point Meridian Capital stock. Oppenheimer & Co. Inc. increased its position in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 15.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,920 shares of the company’s stock after acquiring an additional 2,145 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.08% of Sound Point Meridian Capital worth $333,000 at the end of the most recent quarter.

Analyst Upgrades and Downgrades

Separately, B. Riley raised Sound Point Meridian Capital to a “strong-buy” rating in a report on Tuesday, January 7th.

Sound Point Meridian Capital Price Performance

Shares of SPMC stock traded down $0.60 during trading hours on Thursday, hitting $19.69. 50,565 shares of the company’s stock were exchanged, compared to its average volume of 26,064. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $22.30. The stock’s 50-day moving average is $20.87 and its 200-day moving average is $20.35.

Sound Point Meridian Capital (NYSE:SPMC) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.11.

Sound Point Meridian Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 15.24%. The ex-dividend date is Tuesday, April 15th.

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.