Sound Point Meridian Capital, Inc. (NYSE:SPMC) Sees Significant Drop in Short Interest

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totalling 6,600 shares, a decline of 17.5% from the November 30th total of 8,000 shares. Approximately 0.1% of the company’s stock are short sold. Based on an average trading volume of 23,800 shares, the short-interest ratio is currently 0.3 days.

Analyst Ratings Changes

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

Sound Point Meridian Capital Trading Up 0.0 %

SPMC traded up $0.01 during mid-day trading on Monday, reaching $20.88. 9,153 shares of the company traded hands, compared to its average volume of 18,973. The stock’s fifty day moving average is $20.11. Sound Point Meridian Capital has a 52-week low of $18.20 and a 52-week high of $21.97.

Sound Point Meridian Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be issued a $0.24 dividend. This represents a $2.88 annualized dividend and a yield of 13.79%. The ex-dividend date of this dividend is Wednesday, January 15th.

Insider Buying and Selling

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum acquired 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, with a total value of $81,280.00. Following the transaction, the chairman now owns 23,326 shares of the company’s stock, valued at $473,984.32. The trade was a 20.70 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have acquired 6,000 shares of company stock valued at $121,850 over the last quarter.

Hedge Funds Weigh In On Sound Point Meridian Capital

Hedge funds have recently made changes to their positions in the business. Choreo LLC purchased a new stake in shares of Sound Point Meridian Capital during the 2nd quarter worth approximately $827,000. Envestnet Asset Management Inc. purchased a new stake in Sound Point Meridian Capital during the second quarter valued at $2,860,000. Frank Rimerman Advisors LLC bought a new position in Sound Point Meridian Capital during the second quarter valued at $200,000. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Sound Point Meridian Capital in the 3rd quarter worth $272,000.

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.