Sound Point Meridian Capital, Inc. (NYSE:SPMC) Short Interest Up 25.8% in May

Sound Point Meridian Capital, Inc. (NYSE:SPMC) was the target of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 7,800 shares, a growth of 25.8% from the May 15th total of 6,200 shares. Based on an average daily trading volume, of 29,000 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.0% of the company’s stock are short sold.

Sound Point Meridian Capital Trading Down 0.8%

Shares of NYSE:SPMC opened at $17.10 on Friday. The stock has a fifty day simple moving average of $18.45 and a two-hundred day simple moving average of $19.83. Sound Point Meridian Capital has a 12-month low of $16.26 and a 12-month high of $22.30.

Sound Point Meridian Capital (NYSE:SPMC) last posted its earnings results on Thursday, May 29th. The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. The business had revenue of $22.66 million during the quarter, compared to the consensus estimate of $20.48 million.

Sound Point Meridian Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 17.54%. The ex-dividend date of this dividend is Monday, September 15th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. raised its stake in shares of Sound Point Meridian Capital by 15.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 15,920 shares of the company’s stock worth $333,000 after purchasing an additional 2,145 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Sound Point Meridian Capital by 8.6% in the first quarter. Envestnet Asset Management Inc. now owns 145,851 shares of the company’s stock worth $2,908,000 after purchasing an additional 11,602 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Sound Point Meridian Capital in the fourth quarter worth $371,000.

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.