Orchid Island Capital, Inc. (NYSE:ORC – Get Free Report) declared a monthly dividend on Wednesday, October 14th. Investors of record on Friday, October 30th will be paid a dividend of $0.10 per share by the real estate investment trust on Friday, November 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 23.6%. The ex-dividend date of this dividend is Friday, October 30th.
Orchid Island Capital has decreased its dividend payment by an average of 0.2% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Orchid Island Capital has a payout ratio of 151.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.
Orchid Island Capital Trading Up 0.3%
Shares of NYSE:ORC opened at $5.08 on Thursday. The stock has a 50 day moving average of $6.12 and a 200 day moving average of $6.58. The company has a market cap of $1.01 billion, a PE ratio of 3.43 and a beta of 1.60. Orchid Island Capital has a 12-month low of $4.85 and a 12-month high of $8.40.
Orchid Island Capital declared that its board has authorized a share repurchase plan on Monday, June 22nd that permits the company to buy back 25,000,000,000,000 outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 12.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Orchid Island Capital Company Profile
Orchid Island Capital, Inc is a real estate investment trust that invests primarily in residential mortgage-backed securities (RMBS) issued or guaranteed by U.S. government-sponsored entities. Its portfolio generally consists of agency securities backed by mortgages insured or guaranteed by the Government National Mortgage Association (Ginnie Mae), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac).
The company seeks to generate income from its investments and manage interest-rate and prepayment risks through portfolio construction, financing arrangements, and hedging strategies.
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