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

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) was the recipient of a significant decline in short interest in 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. Based on an average daily trading volume, of 21,100 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.0% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

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

Sound Point Meridian Capital Trading Down 0.5 %

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

Sound Point Meridian Capital Announces Dividend

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

Insider Transactions at Sound Point Meridian Capital

In other news, Chairman Stephen Ketchum bought 4,000 shares of Sound Point Meridian Capital stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $20.32 per share, with a total value of $81,280.00. Following the completion of the acquisition, the chairman now owns 23,326 shares of the company's stock, valued at $473,984.32. This trade represents a 20.70 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have purchased 6,000 shares of company stock valued at $121,850.

Hedge Funds Weigh In On Sound Point Meridian Capital

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Frank Rimerman Advisors LLC bought a new stake in Sound Point Meridian Capital in the second quarter worth $200,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Sound Point Meridian Capital in the third quarter valued at $272,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Sound Point Meridian Capital in the 2nd quarter worth about $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.

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