Orchid Island Capital, Inc. (NYSE:ORC) declared a monthly dividend on Tuesday, October 12th, Zacks reports. Shareholders of record on Friday, October 29th will be paid a dividend of 0.065 per share by the real estate investment trust on Friday, November 26th. This represents a $0.78 dividend on an annualized basis and a yield of 15.57%. The ex-dividend date is Thursday, October 28th.
Orchid Island Capital has decreased its dividend payment by 53.0% over the last three years and has increased its dividend annually for the last 2 consecutive years. Orchid Island Capital has a payout ratio of 79.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Orchid Island Capital to earn $1.00 per share next year, which means the company should continue to be able to cover its $0.78 annual dividend with an expected future payout ratio of 78.0%.
Shares of ORC opened at $5.01 on Thursday. The stock has a market cap of $691.66 million, a price-to-earnings ratio of 35.79 and a beta of 1.29. Orchid Island Capital has a 12 month low of $4.80 and a 12 month high of $6.22. The company has a 50-day moving average price of $5.01 and a two-hundred day moving average price of $5.29.
A hedge fund recently raised its stake in Orchid Island Capital stock. Morgan Stanley increased its stake in Orchid Island Capital, Inc. (NYSE:ORC) by 424.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 923,573 shares of the real estate investment trust’s stock after purchasing an additional 747,586 shares during the period. Morgan Stanley owned 0.75% of Orchid Island Capital worth $4,794,000 as of its most recent SEC filing. Institutional investors own 31.78% of the company’s stock.
ORC has been the subject of a number of analyst reports. TheStreet cut shares of Orchid Island Capital from a “c-” rating to a “d” rating in a research note on Friday, July 30th. Zacks Investment Research upgraded shares of Orchid Island Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 5th. Finally, Jonestrading upgraded shares of Orchid Island Capital from a “sell” rating to a “hold” rating in a research note on Friday, September 10th.
About Orchid Island Capital
Orchid Island Capital, Inc operates as a specialty finance company, which engages in investing in residential mortgage-backed securities (RMBS). Its portfolio consists of traditional pass-through Agency RMBS and structured Agency RMBS. The traditional pass-through Agency RMBS include mortgage pass through certificates and collateralized mortgage obligations.
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