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

Sound Point Meridian Capital, Inc. (NYSE:SPMC - Get Free Report) was the target of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 4,400 shares, a drop of 48.8% from the January 15th total of 8,600 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily volume of 24,900 shares, the days-to-cover ratio is presently 0.2 days.

Insiders Place Their Bets

In other Sound Point Meridian Capital news, Chairman Stephen Ketchum purchased 4,000 shares of the stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $20.32 per share, with a total value of $81,280.00. Following the acquisition, the chairman now directly owns 23,326 shares in the company, valued at approximately $473,984.32. The trade was a 20.70 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased a total of 6,000 shares of company stock worth $121,850 in the last quarter.

Institutional Investors Weigh In On Sound Point Meridian Capital

An institutional investor recently bought a new position in Sound Point Meridian Capital stock. Marshall Wace LLP acquired a new stake in shares of Sound Point Meridian Capital, Inc. (NYSE:SPMC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 17,747 shares of the company's stock, valued at approximately $371,000. Marshall Wace LLP owned about 0.09% of Sound Point Meridian Capital at the end of the most recent quarter.

Analyst Ratings Changes

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

Sound Point Meridian Capital Price Performance

Shares of SPMC stock traded down $0.58 during trading hours on Monday, reaching $21.33. The company's stock had a trading volume of 34,660 shares, compared to its average volume of 31,022. Sound Point Meridian Capital has a one year low of $18.20 and a one year high of $22.24. The firm's fifty day simple moving average is $20.72 and its 200 day simple moving average is $20.10.

Sound Point Meridian Capital (NYSE:SPMC - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.11.

Sound Point Meridian Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 14.07%.

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.