Orchid Island Capital (NYSE:ORC) Updates Q1 2024 Earnings Guidance

Orchid Island Capital (NYSE:ORC) updated its first quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of -0.120–0.120 for the period, compared to the consensus estimate of -0.070. The company issued revenue guidance of -.

Orchid Island Capital Trading Down 4.7 %

Shares of NYSE ORC traded down $0.41 during midday trading on Wednesday, hitting $8.27. The company’s stock had a trading volume of 1,987,493 shares, compared to its average volume of 1,156,159. The business’s 50 day moving average is $8.54 and its two-hundred day moving average is $8.06. Orchid Island Capital has a 12-month low of $5.90 and a 12-month high of $11.27. The firm has a market cap of $424.25 million, a P/E ratio of -10.09 and a beta of 1.83.

Orchid Island Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, April 26th. Shareholders of record on Thursday, March 28th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.44 dividend on an annualized basis and a yield of 17.41%. Orchid Island Capital’s dividend payout ratio is currently -175.61%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Orchid Island Capital to a sell rating in a research note on Friday, February 9th.

Hedge Funds Weigh In On Orchid Island Capital

Large investors have recently made changes to their positions in the business. Prudential Financial Inc. acquired a new position in shares of Orchid Island Capital during the second quarter valued at about $32,000. PNC Financial Services Group Inc. grew its position in Orchid Island Capital by 1,054.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,062 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 3,710 shares during the last quarter. Atria Wealth Solutions Inc. acquired a new position in Orchid Island Capital during the 1st quarter valued at approximately $38,000. Renaissance Technologies LLC purchased a new position in shares of Orchid Island Capital in the second quarter worth $42,000. Finally, Legal & General Group Plc lifted its stake in shares of Orchid Island Capital by 40.2% during the second quarter. Legal & General Group Plc now owns 14,975 shares of the real estate investment trust’s stock worth $43,000 after buying an additional 4,291 shares during the period. 32.74% of the stock is owned by institutional investors and hedge funds.

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.