Orchid Island Capital (NYSE:ORC) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Orchid Island Capital reported quarterly earnings of $0.16 EPS, surpassing the expected $0.15 EPS by $0.01, while their revenue was slightly below estimates at $23.15 million.
• The company announced a monthly dividend of $0.12 per share, resulting in an annualized dividend yield of 19.45%, despite a high dividend payout ratio of 360.00%.
• Institutional ownership has increased, with Millennium Management increasing its holdings by 234.9% in the last quarter, indicating growing investor confidence in Orchid Island Capital.

Orchid Island Capital (NYSE:ORC - Get Free Report) announced its quarterly earnings data on Thursday. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01, Zacks reports. The company had revenue of $23.15 million during the quarter, compared to analyst estimates of $23.25 million.

Orchid Island Capital Trading Up 1.4%

Shares of ORC stock traded up $0.10 on Friday, reaching $7.40. 5,464,588 shares of the stock were exchanged, compared to its average volume of 3,694,893. The company has a market capitalization of $938.16 million, a price-to-earnings ratio of 37.02 and a beta of 1.49. The business's 50 day moving average price is $7.06 and its 200 day moving average price is $7.48. Orchid Island Capital has a twelve month low of $5.68 and a twelve month high of $9.01.

Orchid Island Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, August 28th. Stockholders 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 dividend yield of 19.45%. Orchid Island Capital's dividend payout ratio (DPR) is currently 360.00%.

Analyst Upgrades and Downgrades

ORC has been the topic of several recent research reports. Wall Street Zen downgraded Orchid Island Capital from a "hold" rating to a "strong sell" rating in a report on Saturday. Jones Trading restated a "hold" rating on shares of Orchid Island Capital in a research note on Wednesday, April 30th.

Institutional Trading of Orchid Island Capital

Institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its holdings in shares of Orchid Island Capital by 234.9% in the 1st quarter. Millennium Management LLC now owns 1,036,387 shares of the real estate investment trust's stock valued at $7,794,000 after acquiring an additional 726,907 shares during the last quarter. Strs Ohio purchased a new stake in Orchid Island Capital during the first quarter worth approximately $111,000. Finally, AQR Capital Management LLC acquired a new position in Orchid Island Capital in the first quarter valued at approximately $84,000. 32.74% of the stock is owned by hedge funds and other institutional investors.

Orchid Island Capital Company Profile

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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