Independent Financial Group LLC Takes $1.69 Million Position in Orchid Island Capital, Inc. $ORC

Key Points

• Independent Financial Group LLC opened a new position in Orchid Island Capital during the first quarter, buying 239,958 shares worth about $1.69 million. The stake represented roughly 0.12% of the company.
• Orchid Island Capital reported quarterly EPS of $0.26, matching analyst expectations, though revenue came in well below estimates at ($12.56) million versus the expected $33.03 million.
• The REIT announced a monthly dividend of $0.10 payable August 28, implying an annualized yield of about 17.5%, and its board also authorized a share repurchase program covering up to 12.5% of outstanding stock.

Independent Financial Group LLC acquired a new position in shares of Orchid Island Capital, Inc. (NYSE:ORC - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 239,958 shares of the real estate investment trust's stock, valued at approximately $1,687,000. Independent Financial Group LLC owned approximately 0.12% of Orchid Island Capital as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ORC. Prudential Financial Inc. lifted its stake in Orchid Island Capital by 17.8% in the 2nd quarter. Prudential Financial Inc. now owns 13,189 shares of the real estate investment trust's stock valued at $92,000 after acquiring an additional 1,995 shares in the last quarter. Barclays PLC grew its stake in shares of Orchid Island Capital by 1.0% during the 3rd quarter. Barclays PLC now owns 203,626 shares of the real estate investment trust's stock worth $1,427,000 after acquiring an additional 2,016 shares in the last quarter. CreativeOne Wealth LLC raised its holdings in shares of Orchid Island Capital by 11.8% in the fourth quarter. CreativeOne Wealth LLC now owns 19,248 shares of the real estate investment trust's stock valued at $139,000 after purchasing an additional 2,025 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Orchid Island Capital by 64.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the real estate investment trust's stock valued at $46,000 after purchasing an additional 2,502 shares during the last quarter. Finally, Creative Planning lifted its position in shares of Orchid Island Capital by 12.0% in the third quarter. Creative Planning now owns 29,642 shares of the real estate investment trust's stock worth $208,000 after purchasing an additional 3,187 shares in the last quarter. Institutional investors and hedge funds own 32.74% of the company's stock.

Orchid Island Capital Trading Up 0.1%

Shares of Orchid Island Capital stock opened at $6.86 on Monday. Orchid Island Capital, Inc. has a 12-month low of $6.41 and a 12-month high of $8.40. The stock has a market cap of $1.37 billion, a P/E ratio of 9.14 and a beta of 1.54. The company has a quick ratio of 509.34, a current ratio of 509.34 and a debt-to-equity ratio of 0.26. The business's 50 day moving average is $6.79 and its 200-day moving average is $7.19.

Orchid Island Capital (NYSE:ORC - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The real estate investment trust reported $0.26 EPS for the quarter, meeting the consensus estimate 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. Shareholders of record on Friday, July 31st will be paid a $0.10 dividend. The ex-dividend date is Friday, July 31st. This represents a c) dividend on an annualized basis and a yield of 17.5%. Orchid Island Capital's dividend payout ratio (DPR) is currently 160.00%.

Orchid Island Capital declared that its board has authorized a stock repurchase program on Monday, June 22nd that permits the company to buyback 25,000,000,000,000 outstanding shares. This buyback authorization permits the real estate investment trust to purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ORC. BTIG Research began coverage on shares of Orchid Island Capital in a report on Thursday, July 9th. They set a "neutral" rating for the company. Weiss Ratings raised shares of Orchid Island Capital from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday. Finally, Wall Street Zen downgraded shares of Orchid Island Capital from a "hold" rating to a "sell" rating in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average 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.

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