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

Sound Point Meridian Capital, Inc. (NYSE:SPMC) saw a large 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. Currently, 0.1% of the company’s stock are short sold. Based on an average daily trading volume, of 23,700 shares, the days-to-cover ratio is presently 0.3 days.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, Chairman Stephen Ketchum bought 4,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $20.32 per share, for a total transaction of $81,280.00. Following the purchase, the chairman now owns 23,326 shares of the company’s stock, valued at $473,984.32. This represents a 20.70 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased a total of 6,000 shares of company stock worth $121,850 in the last quarter.

Hedge Funds Weigh In On Sound Point Meridian Capital

Several institutional investors have recently added to or reduced their stakes in the company. Choreo LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter worth about $827,000. Frank Rimerman Advisors LLC bought a new position in shares of Sound Point Meridian Capital in the second quarter worth about $200,000. Oppenheimer & Co. Inc. bought a new position in shares of Sound Point Meridian Capital in the third quarter worth about $272,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Sound Point Meridian Capital in the second quarter worth about $2,860,000.

Sound Point Meridian Capital Stock Performance

Shares of Sound Point Meridian Capital stock traded down $0.01 during trading on Friday, hitting $20.36. 6,157 shares of the company’s stock traded hands, compared to its average volume of 19,508. Sound Point Meridian Capital has a twelve month low of $18.20 and a twelve month high of $21.43. The business’s fifty day simple moving average is $19.71.

Sound Point Meridian Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $2.88 annualized dividend and a yield of 14.15%. The ex-dividend date of this dividend is Friday, March 14th.

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.