Orchid Island Capital (NYSE:ORC) Posts Earnings Results, Misses Estimates By $0.37 EPS

Orchid Island Capital (NYSE:ORC) released its quarterly earnings results on Thursday. The real estate investment trust reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.37), FiscalAI reports. The company had revenue of ($12.56) million during the quarter, compared to analyst estimates of $33.03 million.

Orchid Island Capital Price Performance

NYSE ORC traded down $0.12 on Thursday, hitting $6.84. 6,374,954 shares of the company’s stock were exchanged, compared to its average volume of 7,060,425. The company has a current ratio of 509.34, a quick ratio of 509.34 and a debt-to-equity ratio of 0.09. Orchid Island Capital has a 52 week low of $6.62 and a 52 week high of $8.40. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 6.57 and a beta of 1.63. The stock has a 50-day moving average of $7.24 and a 200-day moving average of $7.39.

Orchid Island Capital Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, May 28th. Shareholders of record on Thursday, April 30th will be given a dividend of $0.10 per share. This represents a c) annualized dividend and a yield of 17.6%. The ex-dividend date is Thursday, April 30th. Orchid Island Capital’s payout ratio is currently 115.38%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Orchid Island Capital by 24.1% in the 3rd 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Orchid Island Capital by 3.9% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,953,916 shares of the real estate investment trust’s stock worth $27,717,000 after buying an additional 149,251 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Orchid Island Capital by 25.6% during the fourth quarter. Geode Capital Management LLC now owns 3,903,240 shares of the real estate investment trust’s stock worth $28,109,000 after buying an additional 795,210 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Orchid Island Capital by 10.3% in the 3rd quarter. Invesco Ltd. now owns 3,165,436 shares of the real estate investment trust’s stock valued at $22,190,000 after acquiring an additional 294,547 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Orchid Island Capital by 18.8% in the 4th quarter. State Street Corp now owns 3,059,581 shares of the real estate investment trust’s stock valued at $22,394,000 after acquiring an additional 484,209 shares during the last quarter. Institutional investors own 32.74% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on ORC shares. Wall Street Zen downgraded shares of Orchid Island Capital from a “hold” rating to a “sell” rating in a research note on Sunday. Weiss Ratings cut shares of Orchid Island Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, April 6th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price 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.