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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 6,700 shares, an increase of 52.3% from the January 31st total of 4,400 shares. Based on an average daily trading volume, of 24,400 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.1% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

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

Sound Point Meridian Capital Stock Performance

NYSE:SPMC traded up $0.20 during midday trading on Tuesday, reaching $21.20. The stock had a trading volume of 16,015 shares, compared to its average volume of 30,720. The firm has a fifty day simple moving average of $20.81 and a two-hundred day simple moving average of $20.23. Sound Point Meridian Capital has a 12-month low of $18.20 and a 12-month high of $22.24.

Sound Point Meridian Capital (NYSE:SPMC) last released its earnings results on Wednesday, February 12th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.51 by $0.11.

Sound Point Meridian Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 14.15%. The ex-dividend date of this dividend is Friday, June 13th.

Hedge Funds Weigh In On Sound Point Meridian Capital

A hedge fund recently raised its stake in Sound Point Meridian Capital stock. Oppenheimer & Co. Inc. boosted its holdings in Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 15.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

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.