Orchid Island Capital (NYSE:ORC) Announces Earnings Results

Orchid Island Capital (NYSE:ORC) announced its quarterly earnings data on Thursday. The real estate investment trust reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.02), Zacks reports.

Orchid Island Capital Stock Performance

Shares of ORC stock traded down $0.07 during trading hours on Thursday, reaching $6.62. The company had a trading volume of 6,173,284 shares, compared to its average volume of 6,110,307. The company has a debt-to-equity ratio of 0.26, a quick ratio of 509.34 and a current ratio of 509.34. The business has a fifty day moving average price of $6.77 and a 200-day moving average price of $7.18. Orchid Island Capital has a one year low of $6.41 and a one year high of $8.40. The firm has a market cap of $1.32 billion, a PE ratio of 8.82 and a beta of 1.54.

Orchid Island Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.10 per share. This represents a c) dividend on an annualized basis and a dividend yield of 18.1%. The ex-dividend date of this dividend is Friday, July 31st. Orchid Island Capital’s dividend payout ratio (DPR) is presently 160.00%.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its holdings in Orchid Island Capital by 153.6% during the fourth quarter. Millennium Management LLC now owns 3,051,892 shares of the real estate investment trust’s stock valued at $21,974,000 after buying an additional 1,848,531 shares during the last quarter. Vanguard Group Inc. grew its holdings in Orchid Island Capital by 24.1% during the third quarter. Vanguard Group Inc. now owns 7,917,449 shares of the real estate investment trust’s stock valued at $55,501,000 after purchasing an additional 1,537,126 shares during the period. Tudor Investment Corp ET AL purchased a new stake in Orchid Island Capital in the fourth quarter worth about $7,859,000. Goldman Sachs Group Inc. raised its stake in shares of Orchid Island Capital by 144.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,576,801 shares of the real estate investment trust’s stock worth $11,353,000 after buying an additional 930,868 shares during the period. Finally, Two Sigma Investments LP raised its stake in shares of Orchid Island Capital by 170.0% in the third quarter. Two Sigma Investments LP now owns 1,282,514 shares of the real estate investment trust’s stock worth $8,990,000 after buying an additional 807,442 shares during the period. 32.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ORC shares. Weiss Ratings upgraded Orchid Island Capital from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, July 15th. BTIG Research assumed coverage on shares of Orchid Island Capital in a research note on Thursday, July 9th. They set a “neutral” rating for the company. Finally, Wall Street Zen cut shares of Orchid Island Capital from a “hold” rating to a “sell” rating in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Orchid Island Capital currently has an average rating of “Reduce” and a consensus target price of $7.50.

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.