Wolverine Asset Management LLC Acquires 643,717 Shares of Orchid Island Capital, Inc. (NYSE:ORC)

Key Points

• Wolverine Asset Management LLC significantly increased its holdings in Orchid Island Capital by 416.3% in the 1st quarter, owning 798,360 shares valued at approximately $6 million.
• The company announced a monthly dividend of $0.12, translating to an annualized yield of 20.4%, with a payout ratio of 720% as of the latest announcement.
• Orchid Island Capital's earnings exceeded analyst expectations, reporting $0.16 EPS against a consensus estimate of $0.15 for the recent quarter.

Wolverine Asset Management LLC boosted its stake in shares of Orchid Island Capital, Inc. (NYSE:ORC - Free Report) by 416.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 798,360 shares of the real estate investment trust's stock after purchasing an additional 643,717 shares during the quarter. Wolverine Asset Management LLC owned about 0.73% of Orchid Island Capital worth $6,004,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ORC. Financial Gravity Asset Management Inc. acquired a new stake in shares of Orchid Island Capital during the first quarter worth $647,000. Ameriprise Financial Inc. lifted its holdings in shares of Orchid Island Capital by 79.0% during the fourth quarter. Ameriprise Financial Inc. now owns 896,192 shares of the real estate investment trust's stock worth $6,972,000 after buying an additional 395,650 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Orchid Island Capital by 16.8% during the fourth 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 in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Orchid Island Capital during the first quarter worth $92,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Orchid Island Capital by 10.7% during the fourth 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 in the last quarter. 32.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ORC has been the subject of a number of research reports. Wall Street Zen downgraded Orchid Island Capital from a "hold" rating to a "strong sell" rating in a report on Saturday, July 26th. Jones Trading reissued a "hold" rating on shares of Orchid Island Capital in a report on Wednesday, April 30th.

Orchid Island Capital Price Performance

ORC stock traded up $0.11 during midday trading on Friday, reaching $7.15. The company had a trading volume of 2,592,457 shares, compared to its average volume of 4,470,458. The company has a market capitalization of $906.12 million, a price-to-earnings ratio of 35.75 and a beta of 1.47. The stock has a 50 day moving average price of $7.09 and a 200-day moving average price of $7.43. Orchid Island Capital, Inc. has a 1-year low of $5.68 and a 1-year high of $9.01.

Orchid Island Capital (NYSE:ORC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The real estate investment trust reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.01. The company had revenue of $23.15 million during the quarter, compared to analyst estimates of $23.25 million. As a group, research analysts anticipate that Orchid Island Capital, Inc. will post 0.37 earnings per share for the current year.

Orchid Island Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, August 28th. Investors of record on Thursday, July 31st will be paid a $0.12 dividend. This represents a c) dividend on an annualized basis and a yield of 20.1%. The ex-dividend date of this dividend is Thursday, July 31st. Orchid Island Capital's payout ratio is 720.00%.

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.