Orchid Island Capital (NYSE:ORC) Announces Earnings Results

Key Points

• Orchid Island Capital reported quarterly earnings of $0.16 per share, exceeding analysts' expectations of $0.15.
• The company declared a monthly dividend of $0.12 per share, which equates to an annualized yield of 19.3%.
• Orchid Island Capital has seen significant institutional investment changes, with Bank of America increasing its stake by 1,338.0%.

Orchid Island Capital (NYSE:ORC - Get Free Report) released its quarterly earnings results on Thursday. The real estate investment trust reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.01, Zacks reports.

Orchid Island Capital Price Performance

Shares of ORC stock traded down $0.01 on Thursday, hitting $7.46. 3,511,225 shares of the stock traded hands, compared to its average volume of 3,977,505. The company has a market capitalization of $1.09 billion, a PE ratio of 37.29 and a beta of 1.53. Orchid Island Capital has a 1-year low of $5.68 and a 1-year high of $9.01. The company's fifty day moving average is $7.14 and its 200 day moving average is $7.03.

Orchid Island Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, November 26th. Investors of record on Friday, October 31st will be given a dividend of $0.12 per share. This represents a c) annualized dividend and a dividend yield of 19.3%. The ex-dividend date of this dividend is Friday, October 31st. Orchid Island Capital's dividend payout ratio is currently 720.00%.

Institutional Investors Weigh In On Orchid Island Capital

Several institutional investors and hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. raised its position in shares of Orchid Island Capital by 47.1% during the 2nd quarter. Osaic Holdings Inc. now owns 48,996 shares of the real estate investment trust's stock valued at $343,000 after acquiring an additional 15,698 shares in the last quarter. Vident Advisory LLC grew its stake in Orchid Island Capital by 35.3% during the 2nd quarter. Vident Advisory LLC now owns 40,993 shares of the real estate investment trust's stock worth $287,000 after buying an additional 10,693 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Orchid Island Capital by 112.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,300 shares of the real estate investment trust's stock worth $72,000 after buying an additional 5,457 shares during the last quarter. Boothbay Fund Management LLC bought a new position in Orchid Island Capital during the 2nd quarter worth $126,000. Finally, Bank of America Corp DE grew its stake in Orchid Island Capital by 1,338.0% during the 2nd quarter. Bank of America Corp DE now owns 701,837 shares of the real estate investment trust's stock worth $4,920,000 after buying an additional 653,030 shares during the last quarter. 32.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on ORC. Wall Street Zen lowered Orchid Island Capital from a "hold" rating to a "strong sell" rating in a research report on Saturday, July 26th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Orchid Island Capital in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Orchid Island Capital has an average rating of "Reduce".

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.

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