Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Down 17.5% in December

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 6,600 shares, a decrease of 17.5% from the November 30th total of 8,000 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily volume of 23,800 shares, the days-to-cover ratio is presently 0.3 days.

Sound Point Meridian Capital Stock Up 0.0 %

NYSE:SPMC traded up $0.01 during trading hours on Monday, hitting $20.88. The company had a trading volume of 9,153 shares, compared to its average volume of 18,973. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $21.97. The company’s 50-day simple moving average is $20.11.

Sound Point Meridian Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be paid a dividend of $0.24 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 13.79%. The ex-dividend date of this dividend is Wednesday, January 15th.

Insider Activity

In other news, Chairman Stephen Ketchum acquired 4,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $20.32 per share, with a total value of $81,280.00. Following the completion of the purchase, the chairman now owns 23,326 shares in the company, valued at approximately $473,984.32. The trade was a 20.70 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders purchased 6,000 shares of company stock valued at $121,850.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. bought a new stake in Sound Point Meridian Capital during the 2nd quarter valued at approximately $2,860,000. Choreo LLC bought a new stake in shares of Sound Point Meridian Capital during the second quarter valued at approximately $827,000. Oppenheimer & Co. Inc. purchased a new stake in Sound Point Meridian Capital in the third quarter worth $272,000. Finally, Frank Rimerman Advisors LLC bought a new position in Sound Point Meridian Capital in the second quarter worth $200,000.

Wall Street Analyst Weigh In

Separately, B. Riley assumed coverage on Sound Point Meridian Capital in a research report on Wednesday, October 9th. They set a “buy” rating and a $22.50 price target for the company.

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.