Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Increases By 52.3%

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

Sound Point Meridian Capital Stock Up 1.0 %

Shares of NYSE:SPMC traded up $0.20 on Tuesday, hitting $21.20. The company had a trading volume of 16,015 shares, compared to its average volume of 30,720. Sound Point Meridian Capital has a 52-week low of $18.20 and a 52-week high of $22.24. The business has a 50 day moving average of $20.81 and a 200 day moving average of $20.23.

Sound Point Meridian Capital (NYSE:SPMC) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.11.

Sound Point Meridian Capital Dividend Announcement

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

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new position in Sound Point Meridian Capital stock. Oppenheimer & Co. Inc. purchased a new position in Sound Point Meridian Capital, Inc. (NYSE:SPMC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 13,775 shares of the company’s stock, valued at approximately $272,000.

Analyst Upgrades and Downgrades

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

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.