Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Down 17.5% in December

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

Sound Point Meridian Capital Stock Performance

NYSE SPMC traded up $0.13 during trading on Friday, hitting $20.87. The stock had a trading volume of 7,691 shares, compared to its average volume of 19,047. Sound Point Meridian Capital has a 12 month low of $18.20 and a 12 month high of $21.97. The company has a 50-day moving average price of $20.11.

Sound Point Meridian Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be given a $0.24 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 13.80%. The ex-dividend date is Wednesday, January 15th.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, Chairman Stephen Ketchum acquired 4,000 shares of the business’s 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 6,000 shares of company stock worth $121,850 over the last quarter.

Institutional Investors Weigh In On Sound Point Meridian Capital

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

Sound Point Meridian Capital Company Profile

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.