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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the recipient of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 4,900 shares, a decline of 25.8% from the December 15th total of 6,600 shares. Currently, 0.0% of the company’s shares are sold short. Based on an average daily volume of 21,100 shares, the days-to-cover ratio is currently 0.2 days.

Analysts Set New Price Targets

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

Insider Activity

In related news, Chairman Stephen Ketchum purchased 4,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was purchased at an average price 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 of the company’s stock, valued at approximately $473,984.32. The trade was a 20.70 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders purchased 6,000 shares of company stock valued at $121,850.

Institutional Investors Weigh In On Sound Point Meridian Capital

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC purchased a new position in Sound Point Meridian Capital in the 2nd quarter worth $200,000. Oppenheimer & Co. Inc. acquired a new position in shares of Sound Point Meridian Capital in the third quarter valued at about $272,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Sound Point Meridian Capital in the second quarter valued at about $2,860,000.

Sound Point Meridian Capital Stock Down 0.5 %

Shares of SPMC traded down $0.11 during mid-day trading on Wednesday, hitting $20.39. 8,671 shares of the company traded hands, compared to its average volume of 17,319. The firm’s 50 day simple moving average is $20.58. Sound Point Meridian Capital has a 1-year low of $18.20 and a 1-year high of $21.97.

Sound Point Meridian Capital Announces Dividend

The business also recently declared a dividend, which will be paid on Friday, January 31st. Shareholders of record on Thursday, January 16th will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, January 15th. This represents a yield of 14.12%.

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.