Orchid Island Capital (NYSE:ORC) Announces Earnings Results

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) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01, Zacks reports. The business had revenue of $23.15 million during the quarter, compared to the consensus estimate of $23.25 million.

Orchid Island Capital Price Performance

NYSE:ORC traded down $0.12 during mid-day trading on Wednesday, reaching $7.16. The stock had a trading volume of 5,901,869 shares, compared to its average volume of 3,711,838. The business's 50 day moving average is $7.06 and its 200 day moving average is $7.48. Orchid Island Capital has a fifty-two week low of $5.68 and a fifty-two week high of $9.01. The stock has a market cap of $907.39 million, a P/E ratio of 35.80 and a beta of 1.49.

Orchid Island Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, July 31st will be issued a $0.12 dividend. The ex-dividend date is Thursday, July 31st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 20.11%. Orchid Island Capital's dividend payout ratio is 720.00%.

Analysts Set New Price Targets

A number of research firms recently commented on ORC. Wall Street Zen downgraded shares of 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 report on Wednesday, April 30th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC acquired a new position in shares of Orchid Island Capital during the 1st quarter valued at about $84,000. Strs Ohio acquired a new stake in Orchid Island Capital during the first quarter worth about $111,000. Finally, Millennium Management LLC grew its position 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 buying an additional 726,907 shares in the last quarter. Institutional investors and hedge funds own 32.74% of the company's stock.

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.