Orchid Island Capital (NYSE:ORC) Issues Earnings Results

Orchid Island Capital (NYSE:ORC) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.02), Zacks reports. The business had revenue of $59.97 million during the quarter, compared to analysts’ expectations of $74.26 million.

Orchid Island Capital Trading Up 0.4%

Shares of Orchid Island Capital stock opened at $6.64 on Friday. The stock has a fifty day simple moving average of $6.77 and a 200 day simple moving average of $7.17. Orchid Island Capital has a 12-month low of $6.41 and a 12-month high of $8.40. The company has a market capitalization of $1.32 billion, a P/E ratio of 8.89 and a beta of 1.54. 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 Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, August 28th. Shareholders 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 yield of 18.1%. The ex-dividend date of this dividend is Friday, July 31st. Orchid Island Capital’s payout ratio is currently 160.00%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ORC. BTIG Research assumed coverage on shares of Orchid Island Capital in a research report on Thursday, July 9th. They set a “neutral” rating for the company. Weiss Ratings upgraded shares of Orchid Island Capital from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 15th. Finally, Wall Street Zen lowered shares of Orchid Island Capital from a “hold” rating to a “sell” rating in a research note 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, the company has an average rating of “Reduce” and a consensus price target of $7.50.

Orchid Island Capital declared that its board has authorized a share buyback plan on Monday, June 22nd that authorizes the company to repurchase 25,000,000,000,000 outstanding shares. This repurchase authorization authorizes the real estate investment trust to reacquire up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its position in Orchid Island Capital by 64.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 2,502 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Orchid Island Capital in the second quarter valued at approximately $55,000. Genesis Wealth Advisors LLC purchased a new stake in shares of Orchid Island Capital during the fourth quarter valued at approximately $72,000. BNP Paribas Financial Markets lifted its holdings in Orchid Island Capital by 112.7% during the second quarter. BNP Paribas Financial Markets now owns 10,300 shares of the real estate investment trust’s stock worth $72,000 after acquiring an additional 5,457 shares during the period. Finally, US Bancorp DE lifted its holdings in Orchid Island Capital by 49.2% during the third quarter. US Bancorp DE now owns 10,260 shares of the real estate investment trust’s stock worth $72,000 after acquiring an additional 3,382 shares during the period. 32.74% of the stock is owned by institutional investors.

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.