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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 7,800 shares, an increase of 56.0% from the October 31st total of 5,000 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average daily volume of 23,700 shares, the days-to-cover ratio is currently 0.3 days.

Analyst Upgrades and Downgrades

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

Sound Point Meridian Capital Trading Down 0.0 %

NYSE SPMC traded down $0.01 on Friday, hitting $20.36. 6,157 shares of the stock were exchanged, compared to its average volume of 19,508. The business has a fifty day simple moving average of $19.71. Sound Point Meridian Capital has a 52 week low of $18.20 and a 52 week high of $21.43.

Sound Point Meridian Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. This represents a $2.88 annualized dividend and a dividend yield of 14.15%. The ex-dividend date is Friday, March 14th.

Insider Transactions at Sound Point Meridian Capital

In other news, Chairman Stephen Ketchum purchased 4,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were purchased at an average cost of $20.32 per share, with a total value of $81,280.00. Following the completion of the transaction, the chairman now owns 23,326 shares of the company’s stock, valued at $473,984.32. The trade was a 20.70 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired a total of 6,000 shares of company stock valued at $121,850 over the last 90 days.

Hedge Funds Weigh In On Sound Point Meridian Capital

Large investors have recently modified their holdings of the stock. Choreo LLC bought a new stake in Sound Point Meridian Capital in the 2nd quarter valued at about $827,000. Envestnet Asset Management Inc. bought a new stake in Sound Point Meridian Capital in the 2nd quarter valued at about $2,860,000. Frank Rimerman Advisors LLC bought a new stake in Sound Point Meridian Capital in the 2nd quarter valued at about $200,000. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Sound Point Meridian Capital during the 3rd quarter worth approximately $272,000.

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.