Orchid Island Capital, Inc. $ORC Stock Position Boosted by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd raised its stake in shares of Orchid Island Capital, Inc. (NYSE:ORC) by 425.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 579,236 shares of the real estate investment trust’s stock after buying an additional 469,076 shares during the period. Y Intercept Hong Kong Ltd owned approximately 0.29% of Orchid Island Capital worth $4,072,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ORC. AQR Capital Management LLC bought a new position in shares of Orchid Island Capital in the first quarter valued at approximately $84,000. Millennium Management LLC raised its holdings in Orchid Island Capital by 234.9% during the first quarter. Millennium Management LLC now owns 1,036,387 shares of the real estate investment trust’s stock worth $7,794,000 after purchasing an additional 726,907 shares in the last quarter. Strs Ohio bought a new stake in Orchid Island Capital during the first quarter worth approximately $111,000. Envestnet Asset Management Inc. acquired a new stake in Orchid Island Capital in the second quarter worth approximately $75,000. Finally, Legal & General Group Plc lifted its position in Orchid Island Capital by 1,421.3% in the second quarter. Legal & General Group Plc now owns 100,817 shares of the real estate investment trust’s stock worth $707,000 after purchasing an additional 94,190 shares during the period. 32.74% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ORC has been the topic of several research analyst reports. Weiss Ratings cut Orchid Island Capital from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, June 24th. Wall Street Zen lowered Orchid Island Capital from a “hold” rating to a “sell” rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $7.50.

Orchid Island Capital Price Performance

NYSE ORC opened at $6.92 on Monday. Orchid Island Capital, Inc. has a 1 year low of $6.41 and a 1 year high of $8.40. The business’s fifty day moving average is $6.82 and its two-hundred day moving average is $7.22. The stock has a market capitalization of $1.39 billion, a P/E ratio of 9.22 and a beta of 1.54. The company has a debt-to-equity ratio of 0.26, a quick ratio of 509.34 and a current ratio of 509.34.

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

Orchid Island Capital announced that its board has approved a share repurchase plan on Monday, June 22nd that permits the company to buyback 25,000,000,000,000 shares. This buyback authorization permits the real estate investment trust to purchase up to 12.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Orchid Island Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, July 30th. Investors of record on Tuesday, June 30th will be given a $0.10 dividend. The ex-dividend date is Tuesday, June 30th. This represents a c) dividend on an annualized basis and a dividend yield of 17.4%. Orchid Island Capital’s dividend payout ratio (DPR) is 160.00%.

Orchid Island Capital Profile

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.