Orchid Island Capital (NYSE:ORC) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Orchid Island Capital (NYSE:ORC) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.02), Zacks reports.

Orchid Island Capital Trading Down 1.1%

Shares of ORC stock traded down $0.07 during trading hours on Thursday, reaching $6.62. The company had a trading volume of 6,158,030 shares, compared to its average volume of 6,109,395. The company has a 50 day moving average of $6.77 and a 200 day moving average of $7.18. The company has a debt-to-equity ratio of 0.26, a current ratio of 509.34 and a quick ratio of 509.34. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 8.82 and a beta of 1.54. Orchid Island Capital has a 1-year low of $6.41 and a 1-year high of $8.40.

Orchid Island Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, July 31st will be given a dividend of $0.10 per share. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a dividend yield of 18.1%. Orchid Island Capital’s payout ratio is presently 160.00%.

Hedge Funds Weigh In On Orchid Island Capital

Several hedge funds have recently added to or reduced their stakes in ORC. Corient Private Wealth LLC bought a new position in Orchid Island Capital during the fourth quarter worth about $115,000. Compound Planning Inc. acquired a new stake in shares of Orchid Island Capital in the 4th quarter valued at approximately $103,000. Mercer Global Advisors Inc. ADV bought a new position in Orchid Island Capital during the 4th quarter worth approximately $102,000. Vident Advisory LLC acquired a new position in Orchid Island Capital during the fourth quarter valued at approximately $231,000. Finally, XTX Topco Ltd acquired a new position in Orchid Island Capital during the fourth quarter valued at approximately $181,000. Institutional investors and hedge funds own 32.74% of the company’s stock.

Orchid Island Capital announced that its Board of Directors has approved a stock repurchase plan on Monday, June 22nd that allows the company to buyback 25,000,000,000,000 shares. This buyback authorization allows the real estate investment trust to reacquire up to 12.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Orchid Island Capital from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 15th. Wall Street Zen cut shares of Orchid Island Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, May 5th. Finally, BTIG Research started coverage on Orchid Island Capital in a report on Thursday, July 9th. They set a “neutral” rating on the stock. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Orchid Island Capital presently has an average rating of “Reduce” and a consensus target price of $7.50.

About Orchid Island Capital

Orchid Island Capital is a real estate investment trust that specializes in investing in residential mortgage‐backed securities (RMBS), with a primary focus on mortgage pass‐through securities guaranteed by the Government National Mortgage Association (Ginnie Mae). Structured to elect and maintain status as a REIT under the U.S. Internal Revenue Code, the company’s principal business strategy involves acquiring pools of U.S. residential mortgages in the secondary market and holding them to generate interest income.