Orchid Island Capital, Inc. Declares Monthly Dividend of $0.12 (NYSE:ORC)

Orchid Island Capital, Inc. (NYSE:ORC - Get Free Report) declared a monthly dividend on Thursday, July 10th, Wall Street Journal reports. Stockholders of record on Thursday, July 31st will be paid a dividend of 0.12 per share by the real estate investment trust on Thursday, August 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 20.11%. The ex-dividend date is Thursday, July 31st.

Orchid Island Capital has a dividend payout ratio of 182.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Orchid Island Capital to earn $0.43 per share next year, which means the company may not be able to cover its $1.44 annual dividend with an expected future payout ratio of 334.9%.

Orchid Island Capital Stock Performance

Shares of ORC traded down $0.04 during mid-day trading on Friday, reaching $7.16. 2,403,262 shares of the company were exchanged, compared to its average volume of 2,863,154. Orchid Island Capital has a 52 week low of $5.69 and a 52 week high of $9.01. The stock has a market capitalization of $867.87 million, a PE ratio of 17.90 and a beta of 1.49. The business has a 50 day simple moving average of $7.05 and a two-hundred day simple moving average of $7.53.

Orchid Island Capital (NYSE:ORC - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.02). The firm had revenue of $19.71 million during the quarter, compared to the consensus estimate of $11.96 million. On average, analysts predict that Orchid Island Capital will post 0.37 EPS for the current year.

Institutional Investors Weigh In On Orchid Island Capital

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC acquired a new stake in Orchid Island Capital during the first quarter worth approximately $84,000. Strs Ohio acquired a new stake in Orchid Island Capital during the first quarter worth approximately $111,000. Finally, Millennium Management LLC grew its stake in Orchid Island Capital by 234.9% during the first quarter. Millennium Management LLC now owns 1,036,387 shares of the real estate investment trust's stock worth $7,794,000 after purchasing an additional 726,907 shares during the period. Institutional investors and hedge funds own 32.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ORC shares. Wall Street Zen upgraded Orchid Island Capital from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Jones Trading reaffirmed a "hold" rating on shares of Orchid Island Capital in a research note on Wednesday, April 30th.

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.