Sound Point Meridian Capital, Inc. (NYSE:SPMC – Get Free Report) was the target of a large growth in short interest during the month of 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. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 12,000 shares, the days-to-cover ratio is currently 0.8 days.
Analyst Upgrades and Downgrades
Separately, Oppenheimer began coverage on Sound Point Meridian Capital in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price objective for the company.
Check Out Our Latest Report on SPMC
Insider Transactions at Sound Point Meridian Capital
Institutional Investors Weigh In On Sound Point Meridian Capital
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Frank Rimerman Advisors LLC purchased a new stake in Sound Point Meridian Capital in the second quarter valued at approximately $200,000. Envestnet Asset Management Inc. acquired a new position in shares of Sound Point Meridian Capital in the 2nd quarter valued at $2,860,000. Finally, Choreo LLC acquired a new position in shares of Sound Point Meridian Capital in the 2nd quarter valued at $827,000.
Sound Point Meridian Capital Stock Performance
NYSE SPMC traded up $0.05 during mid-day trading on Friday, reaching $19.66. 30,837 shares of the stock were exchanged, 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 firm’s fifty day simple moving average is $19.74.
Sound Point Meridian Capital Announces Dividend
The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 31st. Stockholders 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 dividend yield of 13.43%. The ex-dividend date is Tuesday, October 15th.
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.
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