Short Interest in Sound Point Meridian Capital, Inc. (NYSE:SPMC) Increases By 450.0%

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 12,100 shares, an increase of 450.0% from the February 28th total of 2,200 shares. Based on an average trading volume of 29,900 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.1% of the company’s stock are short sold.

Institutional Trading of Sound Point Meridian Capital

An institutional investor recently raised its position in Sound Point Meridian Capital stock. Oppenheimer & Co. Inc. raised its position in Sound Point Meridian Capital, Inc. (NYSE:SPMC) by 15.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,920 shares of the company’s stock after buying an additional 2,145 shares during the period. Oppenheimer & Co. Inc. owned 0.08% of Sound Point Meridian Capital worth $333,000 as of its most recent filing with the SEC.

Sound Point Meridian Capital Price Performance

Shares of SPMC traded down $0.04 during trading hours on Friday, reaching $19.80. The stock had a trading volume of 37,606 shares, compared to its average volume of 32,871. Sound Point Meridian Capital has a 12 month low of $18.20 and a 12 month high of $22.30. The firm has a 50-day simple moving average of $20.85 and a 200 day simple moving average of $20.35.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Wednesday, February 12th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.11.

Sound Point Meridian Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 15.15%. The ex-dividend date is Tuesday, April 15th.

Analyst Ratings Changes

Separately, B. Riley raised shares of 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.