Independent Financial Group LLC Makes New $1.69 Million Investment in Orchid Island Capital, Inc. $ORC

Independent Financial Group LLC acquired a new stake in Orchid Island Capital, Inc. (NYSE:ORC) during the 1st quarter, Holdings Channel reports. The institutional investor acquired 239,958 shares of the real estate investment trust’s stock, valued at approximately $1,687,000.

A number of other hedge funds also recently made changes to their positions in ORC. PNC Financial Services Group Inc. boosted its stake in shares of Orchid Island Capital by 64.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 2,502 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Orchid Island Capital by 32,505.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 6,521 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 6,501 shares during the period. Raymond James Financial Inc. bought a new stake in Orchid Island Capital in the 2nd quarter valued at $55,000. CWM LLC lifted its holdings in Orchid Island Capital by 72.0% during the 4th quarter. CWM LLC now owns 7,797 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 3,263 shares during the last quarter. Finally, My Personal CFO LLC acquired a new stake in Orchid Island Capital during the 4th quarter valued at $72,000. 32.74% of the stock is owned by institutional investors and hedge funds.

Orchid Island Capital Stock Performance

NYSE:ORC opened at $6.86 on Monday. The stock has a 50 day simple moving average of $6.79 and a 200 day simple moving average of $7.19. The stock has a market cap of $1.37 billion, a P/E ratio of 9.14 and a beta of 1.54. Orchid Island Capital, Inc. has a 1-year low of $6.41 and a 1-year high of $8.40. The company has a current ratio of 509.34, a quick ratio of 509.34 and a debt-to-equity ratio of 0.26.

Orchid Island Capital (NYSE:ORC) last issued its quarterly earnings data on Thursday, April 23rd. The real estate investment trust reported $0.26 EPS for the quarter, meeting analysts’ consensus estimates of $0.26. The firm had revenue of ($12.56) million during the quarter, compared to analyst estimates of $33.03 million.

Orchid Island Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, July 31st will be paid a $0.10 dividend. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a dividend yield of 17.5%. Orchid Island Capital’s dividend payout ratio is 160.00%.

Orchid Island Capital announced that its Board of Directors has authorized a stock repurchase program on Monday, June 22nd that allows the company to repurchase 25,000,000,000,000 shares. This repurchase authorization allows the real estate investment trust to buy up to 12.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have commented on ORC shares. Weiss Ratings upgraded shares of Orchid Island Capital from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday. Wall Street Zen cut shares of Orchid Island Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 5th. Finally, BTIG Research assumed coverage on shares of Orchid Island Capital in a report on Thursday, July 9th. They set a “neutral” rating for the company. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $7.50.

Orchid Island Capital Company Profile

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.