Orion Office REIT Inc. (NYSE:ONL) Short Interest Update

Key Points

• Short interest in Orion Office REIT Inc. decreased by 25.9% in August, with a total of 830,000 shares shorted as of August 31.
• Director Reginald Harold Gilyard purchased 55,000 shares of the stock on August 27, increasing his ownership by 31.83% and demonstrating insider confidence.
• The company declared a quarterly dividend of $0.02 per share, with an annualized yield of 2.8%, to be paid on October 15 to investors of record by September 30.

Orion Office REIT Inc. (NYSE:ONL - Get Free Report) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 830,000 shares, a decline of 25.9% from the August 15th total of 1,120,000 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average trading volume of 584,800 shares, the days-to-cover ratio is currently 1.4 days. Based on an average trading volume of 584,800 shares, the days-to-cover ratio is currently 1.4 days. Approximately 1.5% of the shares of the company are sold short.

Orion Office REIT Trading Down 2.2%

Shares of Orion Office REIT stock traded down $0.06 on Friday, hitting $2.73. The stock had a trading volume of 259,703 shares, compared to its average volume of 256,273. The stock has a 50 day moving average of $2.72 and a 200 day moving average of $2.26. Orion Office REIT has a twelve month low of $1.46 and a twelve month high of $4.32. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $153.73 million, a P/E ratio of -1.96 and a beta of 1.44.

Orion Office REIT (NYSE:ONL - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter. Orion Office REIT had a negative return on equity of 10.15% and a negative net margin of 50.67%.The company had revenue of $37.31 million during the quarter.

Orion Office REIT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 30th. Orion Office REIT's dividend payout ratio is presently -5.76%.

Analysts Set New Price Targets

Separately, JMP Securities reaffirmed a "market perform" rating on shares of Orion Office REIT in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold".

Insider Activity

In other Orion Office REIT news, Director Reginald Harold Gilyard bought 55,000 shares of Orion Office REIT stock in a transaction dated Wednesday, August 27th. The stock was bought at an average price of $2.91 per share, with a total value of $160,050.00. Following the completion of the transaction, the director owned 227,778 shares in the company, valued at $662,833.98. The trade was a 31.83% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company's stock.

Hedge Funds Weigh In On Orion Office REIT

A number of institutional investors and hedge funds have recently modified their holdings of ONL. Northern Trust Corp boosted its holdings in shares of Orion Office REIT by 3.6% during the 4th quarter. Northern Trust Corp now owns 459,247 shares of the company's stock worth $1,704,000 after buying an additional 16,117 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Orion Office REIT during the fourth quarter worth approximately $32,000. Bank of America Corp DE raised its position in shares of Orion Office REIT by 18.3% during the fourth quarter. Bank of America Corp DE now owns 55,706 shares of the company's stock worth $207,000 after purchasing an additional 8,614 shares during the period. D. E. Shaw & Co. Inc. raised its position in shares of Orion Office REIT by 2.3% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 561,840 shares of the company's stock worth $2,084,000 after purchasing an additional 12,538 shares during the period. Finally, Graham Capital Management L.P. raised its position in shares of Orion Office REIT by 96.1% during the fourth quarter. Graham Capital Management L.P. now owns 45,946 shares of the company's stock worth $170,000 after purchasing an additional 22,515 shares during the period. 79.95% of the stock is currently owned by institutional investors.

Orion Office REIT Company Profile

Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S. The portfolio is leased primarily on a single-tenant net lease basis to creditworthy tenants.