Orchid Island Capital (ORC) Cut to Hold at ValuEngine
ValuEngine downgraded shares of Orchid Island Capital (NYSE:ORC) from a buy rating to a hold rating in a report released on Thursday.
Separately, Zacks Investment Research lowered Orchid Island Capital from a hold rating to a strong sell rating in a report on Wednesday, February 14th.
Orchid Island Capital (NYSE ORC) opened at $7.39 on Thursday. Orchid Island Capital has a one year low of $6.77 and a one year high of $11.13. The firm has a market capitalization of $392.16, a P/E ratio of 9.12 and a beta of 0.32.
Orchid Island Capital announced that its board has initiated a share buyback plan on Thursday, February 8th that allows the company to repurchase 4,520,000 outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Orchid Island Capital by 7.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,213,688 shares of the real estate investment trust’s stock valued at $11,967,000 after buying an additional 79,556 shares during the last quarter. State Street Corp grew its holdings in Orchid Island Capital by 19.5% in the 2nd quarter. State Street Corp now owns 551,177 shares of the real estate investment trust’s stock valued at $5,436,000 after buying an additional 90,106 shares during the last quarter. Geode Capital Management LLC grew its holdings in Orchid Island Capital by 15.2% in the 4th quarter. Geode Capital Management LLC now owns 394,231 shares of the real estate investment trust’s stock valued at $3,658,000 after buying an additional 52,065 shares during the last quarter. Northern Trust Corp grew its holdings in Orchid Island Capital by 11.4% in the 2nd quarter. Northern Trust Corp now owns 371,409 shares of the real estate investment trust’s stock valued at $3,663,000 after buying an additional 38,040 shares during the last quarter. Finally, Van ECK Associates Corp acquired a new stake in Orchid Island Capital in the 3rd quarter valued at approximately $2,662,000. 29.07% of the stock is currently owned by hedge funds and other institutional investors.
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About Orchid Island Capital
Orchid Island Capital, Inc is a specialty finance company that invests in residential mortgage-backed securities (RMBS). The Company’s business objective is to provide attractive risk-adjusted total returns to its investors over the long term through a combination of capital appreciation and the payment of regular monthly distributions.
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