Orchid Island Capital, Inc. (NYSE:ORC) Sees Significant Drop in Short Interest

Orchid Island Capital, Inc. (NYSE:ORC) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 3,000,000 shares, a drop of 21.3% from the March 31st total of 3,810,000 shares. Currently, 5.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is presently 2.6 days.

Institutional Investors Weigh In On Orchid Island Capital

Several hedge funds have recently added to or reduced their stakes in the business. Hudson Bay Capital Management LP bought a new position in shares of Orchid Island Capital during the third quarter valued at $4,648,000. Invesco Ltd. raised its position in Orchid Island Capital by 33.6% during the 3rd quarter. Invesco Ltd. now owns 2,073,998 shares of the real estate investment trust’s stock worth $17,650,000 after purchasing an additional 521,401 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Orchid Island Capital by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 2,120,928 shares of the real estate investment trust’s stock worth $18,049,000 after buying an additional 53,652 shares during the period. Graham Capital Management L.P. bought a new stake in shares of Orchid Island Capital in the 3rd quarter valued at about $516,000. Finally, Wolverine Asset Management LLC grew its position in shares of Orchid Island Capital by 299.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 914,125 shares of the real estate investment trust’s stock valued at $7,779,000 after buying an additional 685,424 shares during the last quarter. 32.74% of the stock is currently owned by institutional investors and hedge funds.

Orchid Island Capital Price Performance

ORC traded up $0.33 on Friday, reaching $8.72. The stock had a trading volume of 2,125,554 shares, compared to its average volume of 959,826. Orchid Island Capital has a fifty-two week low of $5.90 and a fifty-two week high of $11.27. The firm has a 50-day moving average of $8.58 and a 200-day moving average of $8.07.

Orchid Island Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Tuesday, April 30th will be paid a $0.12 dividend. This represents a $1.44 annualized dividend and a dividend yield of 16.51%. The ex-dividend date of this dividend is Monday, April 29th. Orchid Island Capital’s dividend payout ratio is currently -271.70%.

Analysts Set New Price Targets

Several research firms recently issued reports on ORC. JMP Securities reiterated a “market perform” rating on shares of Orchid Island Capital in a research report on Thursday, April 18th. StockNews.com upgraded Orchid Island Capital to a “sell” rating in a research note on Friday, February 9th.

About Orchid Island Capital

Orchid Island Capital, Inc, a specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States. The company's RMBS is backed by single-family residential mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS, such as mortgage pass through certificates and collateralized mortgage obligations; and structured Agency RMBS comprising interest only securities, inverse interest only securities, and principal only securities.