Orchid Island Capital Inc (NYSE:ORC) has received an average broker rating score of 1.00 (Strong Buy) from the one analysts that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy rating.
Brokerages have set a 1 year consensus price objective of $8.00 for the company, according to Zacks. Zacks has also assigned Orchid Island Capital an industry rank of 109 out of 255 based on the ratings given to its competitors.
Several research analysts recently issued reports on ORC shares. Zacks Investment Research raised shares of Orchid Island Capital from a “sell” rating to a “hold” rating in a report on Tuesday, April 17th. ValuEngine cut shares of Orchid Island Capital from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 2nd.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in shares of Orchid Island Capital by 9.2% during the first quarter. BlackRock Inc. now owns 4,301,345 shares of the real estate investment trust’s stock worth $31,702,000 after purchasing an additional 361,823 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Orchid Island Capital by 7.1% during the first quarter. Northern Trust Corp now owns 526,343 shares of the real estate investment trust’s stock worth $3,879,000 after purchasing an additional 34,667 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Orchid Island Capital by 15.2% during the fourth quarter. Geode Capital Management LLC now owns 394,231 shares of the real estate investment trust’s stock worth $3,658,000 after purchasing an additional 52,065 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Orchid Island Capital by 2,101.0% during the first quarter. JPMorgan Chase & Co. now owns 294,715 shares of the real estate investment trust’s stock worth $2,172,000 after purchasing an additional 281,325 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in Orchid Island Capital by 10.5% in the first quarter. Van ECK Associates Corp now owns 269,335 shares of the real estate investment trust’s stock valued at $1,985,000 after buying an additional 25,697 shares in the last quarter. 31.25% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:ORC traded down $0.08 on Friday, hitting $7.28. 163,403 shares of the company were exchanged, compared to its average volume of 598,686. Orchid Island Capital has a 1-year low of $6.77 and a 1-year high of $10.47. The company has a market capitalization of $387.55 million, a P/E ratio of 8.67 and a beta of 0.36.
Orchid Island Capital (NYSE:ORC) last posted its quarterly earnings data on Friday, April 27th. The real estate investment trust reported ($0.31) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.66). research analysts forecast that Orchid Island Capital will post 1.49 earnings per share for the current fiscal year.
Orchid Island Capital declared that its Board of Directors has initiated a stock buyback program on Thursday, February 8th that allows the company to buyback 4,520,000 shares. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a monthly dividend, which will be paid on Friday, June 8th. Investors of record on Thursday, May 31st will be issued a dividend of $0.09 per share. The ex-dividend date is Wednesday, May 30th. This represents a $1.08 annualized dividend and a dividend yield of 14.83%. Orchid Island Capital’s dividend payout ratio (DPR) is presently 128.57%.
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 are backed primarily by single-family residential mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS; and structured Agency RMBS, including collateralized mortgage obligations, interest only securities, inverse interest only securities, and principal only securities.
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