Jennison Associates LLC Takes Position in Orchid Island Capital, Inc. $ORC

Jennison Associates LLC purchased a new stake in Orchid Island Capital, Inc. (NYSE:ORC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 168,789 shares of the real estate investment trust’s stock, valued at approximately $1,187,000.

A number of other large investors have also made changes to their positions in the company. Independent Financial Group LLC acquired a new stake in Orchid Island Capital during the 1st quarter worth $1,687,000. Bank of New York Mellon Corp grew its stake in Orchid Island Capital by 16.5% in the first quarter. Bank of New York Mellon Corp now owns 451,254 shares of the real estate investment trust’s stock valued at $3,172,000 after acquiring an additional 63,817 shares during the period. Geneos Wealth Management Inc. grew its stake in Orchid Island Capital by 209.5% in the first quarter. Geneos Wealth Management Inc. now owns 13,000 shares of the real estate investment trust’s stock valued at $91,000 after acquiring an additional 8,800 shares during the period. PFG Investments LLC grew its stake in Orchid Island Capital by 81.6% in the first quarter. PFG Investments LLC now owns 33,705 shares of the real estate investment trust’s stock valued at $237,000 after acquiring an additional 15,146 shares during the period. Finally, Y Intercept Hong Kong Ltd increased its holdings in shares of Orchid Island Capital by 425.8% in the first quarter. Y Intercept Hong Kong Ltd now owns 579,236 shares of the real estate investment trust’s stock worth $4,072,000 after acquiring an additional 469,076 shares in the last quarter. Institutional investors own 32.74% of the company’s stock.

Orchid Island Capital Trading Down 1.3%

ORC opened at $6.68 on Thursday. The stock has a market capitalization of $1.33 billion, a P/E ratio of 8.91 and a beta of 1.54. Orchid Island Capital, Inc. has a 12 month low of $6.41 and a 12 month high of $8.40. The firm’s fifty day simple moving average is $6.77 and its 200 day simple moving average is $7.18. The company has a current ratio of 509.34, a quick ratio of 509.34 and a debt-to-equity ratio of 0.26.

Orchid Island Capital (NYSE:ORC) last announced its earnings results on Thursday, April 23rd. The real estate investment trust reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. The company had revenue of ($12.56) million during the quarter, compared to analyst estimates of $33.03 million.

Orchid Island Capital Dividend Announcement

The company 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 $0.10 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 18.0%. The ex-dividend date is Friday, July 31st. Orchid Island Capital’s payout ratio is 160.00%.

Orchid Island Capital declared that its board has initiated a share buyback program on Monday, June 22nd that permits the company to buyback 25,000,000,000,000 shares. This buyback authorization permits the real estate investment trust to repurchase up to 12.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

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

Orchid Island Capital 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.