Sound Point Meridian Capital, Inc. (NYSE:SPMC) Sees Significant Growth in Short Interest

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a large growth in short interest in September. As of September 15th, there was short interest totalling 9,100 shares, a growth of 24.7% from the August 31st total of 7,300 shares. Based on an average trading volume of 12,000 shares, the short-interest ratio is presently 0.8 days. Approximately 0.1% of the company’s shares are short sold.

Sound Point Meridian Capital Stock Performance

Shares of SPMC stock traded up $0.05 during trading on Friday, reaching $19.66. The company’s stock had a trading volume of 30,837 shares, compared to its average volume of 16,174. Sound Point Meridian Capital has a 1-year low of $18.20 and a 1-year high of $20.65. The company has a 50-day simple moving average of $19.74.

Sound Point Meridian Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.22 per share. This represents a $2.64 annualized dividend and a yield of 13.43%. The ex-dividend date of this dividend is Tuesday, October 15th.

Analyst Ratings Changes

Separately, Oppenheimer started coverage on shares of Sound Point Meridian Capital in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price for the company.

Insiders Place Their Bets

In other news, Chairman Stephen Ketchum acquired 7,326 shares of Sound Point Meridian Capital stock in a transaction on Wednesday, August 28th. The shares were bought at an average cost of $19.90 per share, for a total transaction of $145,787.40. Following the acquisition, the chairman now directly owns 7,326 shares of the company’s stock, valued at approximately $145,787.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of institutional investors and hedge funds have recently modified their holdings of SPMC. Frank Rimerman Advisors LLC purchased a new position in Sound Point Meridian Capital in the second quarter valued at approximately $200,000. Choreo LLC acquired a new stake in Sound Point Meridian Capital during the 2nd quarter worth $827,000. Finally, Envestnet Asset Management Inc. purchased a new stake in Sound Point Meridian Capital in the second quarter valued at $2,860,000.

Sound Point Meridian Capital Company Profile

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.