Bimini Capital Management (OTCMKTS:BMNM) Board of Directors Approves Share Buyback Program

Bimini Capital Management (OTCMKTS:BMNM) announced that its board has authorized a stock buyback plan on Thursday, March 12th, RTT News reports. The company plans to repurchase $2.50 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Bimini Capital Management Stock Performance

Shares of OTCMKTS BMNM traded down $0.33 during trading hours on Thursday, reaching $3.11. The stock had a trading volume of 754 shares, compared to its average volume of 2,909. The firm has a 50-day moving average of $3.23 and a 200-day moving average of $2.14. The firm has a market cap of $31.32 million, a price-to-earnings ratio of 34.56 and a beta of 0.05. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.96. Bimini Capital Management has a fifty-two week low of $0.60 and a fifty-two week high of $3.89.

About Bimini Capital Management

Bimini Capital Management, Inc, through its subsidiaries, operates as a specialty finance company in the United States. The company operates in two segments, Asset Management and Investment Portfolio. The Asset Management segment includes investment advisory services by Bimini Advisors to Orchid Island Capital, Inc and Royal Palm Capital, LLC. The Investment Portfolio segment engages in investment activities conducted by Royal Palm Capital, LLC. It invests in residential mortgage-backed securities.