Orchid Island Capital, Inc. (NYSE:ORC – Get Free Report)’s stock price reached a new 52-week low during trading on Tuesday . The company traded as low as $6.38 and last traded at $6.3750, with a volume of 788012 shares changing hands. The stock had previously closed at $6.47.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on ORC. Wall Street Zen cut Orchid Island Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, May 5th. Weiss Ratings upgraded Orchid Island Capital from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 15th. Finally, BTIG Research started coverage on shares of Orchid Island Capital in a research report on Thursday, July 9th. They issued a “neutral” rating on the stock. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Orchid Island Capital has an average rating of “Reduce” and a consensus price target of $7.50.
Read Our Latest Research Report on Orchid Island Capital
Orchid Island Capital Stock Up 0.9%
Orchid Island Capital (NYSE:ORC – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $0.26 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.02). The business had revenue of $59.97 million for the quarter, compared to the consensus estimate of $74.26 million.
Orchid Island Capital Dividend Announcement
The company also recently disclosed a monthly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, July 31st will be given a $0.10 dividend. This represents a c) dividend on an annualized basis and a yield of 18.6%. The ex-dividend date of this dividend is Friday, July 31st. Orchid Island Capital’s dividend payout ratio is 81.08%.
Orchid Island Capital announced that its Board of Directors has initiated a stock buyback program on Monday, June 22nd that permits the company to repurchase 25,000,000,000,000 shares. This repurchase authorization permits the real estate investment trust to reacquire up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in shares of Orchid Island Capital by 91.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,650 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 1,739 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Orchid Island Capital by 64.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 2,502 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Orchid Island Capital by 32,505.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,521 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 6,501 shares during the period. McIlrath & Eck LLC increased its stake in Orchid Island Capital by 157.2% in the first quarter. McIlrath & Eck LLC now owns 7,418 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 4,534 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Orchid Island Capital during the second quarter worth $55,000. Hedge funds and other institutional investors own 32.74% of the company’s stock.
About Orchid Island Capital
Orchid Island Capital is a real estate investment trust that specializes in investing in residential mortgage‐backed securities (RMBS), with a primary focus on mortgage pass‐through securities guaranteed by the Government National Mortgage Association (Ginnie Mae). Structured to elect and maintain status as a REIT under the U.S. Internal Revenue Code, the company’s principal business strategy involves acquiring pools of U.S. residential mortgages in the secondary market and holding them to generate interest income.
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