Stock Repurchase Program Declared by Orchid Island Capital (NYSE:ORC)

Orchid Island Capital (NYSE:ORC) announced that its board has initiated a share repurchase program on Monday, June 22nd, RTT News reports. The company plans to buyback 25,000,000,000,000 shares. This buyback authorization authorizes the real estate investment trust to purchase up to 12.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Weiss Ratings lowered shares of Orchid Island Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, April 6th. Wall Street Zen lowered Orchid Island Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $7.50.

Orchid Island Capital Price Performance

NYSE ORC traded down $0.09 on Monday, reaching $6.62. 3,603,370 shares of the company’s stock traded hands, compared to its average volume of 4,569,846. The stock has a market cap of $1.33 billion, a PE ratio of 8.82 and a beta of 1.55. Orchid Island Capital has a 12 month low of $6.41 and a 12 month high of $8.40. The stock has a 50-day simple moving average of $6.86 and a 200 day simple moving average of $7.24. The company has a debt-to-equity ratio of 0.26, a current ratio of 509.34 and a quick ratio of 509.34.

Orchid Island Capital (NYSE:ORC) last announced its quarterly earnings data on Thursday, April 23rd. The real estate investment trust reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. The business had revenue of ($12.56) million during the quarter, compared to the consensus estimate of $33.03 million.

Orchid Island Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, July 30th. Stockholders of record on Tuesday, June 30th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, June 30th. This represents a c) annualized dividend and a dividend yield of 18.1%. Orchid Island Capital’s payout ratio is currently 160.00%.

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.