Financial Gravity Asset Management Inc. Invests $647,000 in Orchid Island Capital, Inc. (NYSE:ORC)

Financial Gravity Asset Management Inc. purchased a new stake in shares of Orchid Island Capital, Inc. (NYSE:ORC - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 86,074 shares of the real estate investment trust's stock, valued at approximately $647,000. Financial Gravity Asset Management Inc. owned approximately 0.09% of Orchid Island Capital at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in Orchid Island Capital by 13.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 663,655 shares of the real estate investment trust's stock worth $5,163,000 after acquiring an additional 77,435 shares during the period. Ameriprise Financial Inc. increased its holdings in Orchid Island Capital by 79.0% during the 4th quarter. Ameriprise Financial Inc. now owns 896,192 shares of the real estate investment trust's stock worth $6,972,000 after acquiring an additional 395,650 shares during the period. Northern Trust Corp increased its holdings in shares of Orchid Island Capital by 16.8% in the 4th quarter. Northern Trust Corp now owns 682,491 shares of the real estate investment trust's stock worth $5,310,000 after buying an additional 98,030 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Orchid Island Capital in the 1st quarter worth $92,000. Finally, Geode Capital Management LLC increased its holdings in shares of Orchid Island Capital by 10.7% in the 4th quarter. Geode Capital Management LLC now owns 1,827,479 shares of the real estate investment trust's stock worth $14,221,000 after buying an additional 177,357 shares during the last quarter. 32.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ORC has been the topic of several recent research reports. Wall Street Zen raised shares of Orchid Island Capital from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Jones Trading reaffirmed a "hold" rating on shares of Orchid Island Capital in a report on Wednesday, April 30th.

Orchid Island Capital Stock Performance

Shares of ORC stock traded down $0.04 on Friday, hitting $7.16. 2,403,262 shares of the company's stock traded hands, compared to its average volume of 2,860,236. Orchid Island Capital, Inc. has a one year low of $5.69 and a one year high of $9.01. The company's fifty day simple moving average is $7.05 and its 200 day simple moving average is $7.53. The stock has a market capitalization of $907.24 million, a price-to-earnings ratio of 17.90 and a beta of 1.49.

Orchid Island Capital (NYSE:ORC - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.02). The business had revenue of $19.71 million for the quarter, compared to analyst estimates of $11.96 million. As a group, sell-side analysts anticipate that Orchid Island Capital, Inc. will post 0.37 earnings per share for the current fiscal year.

Orchid Island Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Thursday, July 31st will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, July 31st. This represents a $1.44 annualized dividend and a yield of 20.11%. Orchid Island Capital's payout ratio is currently 360.00%.

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.