Orchid Island Capital Inc (NYSE:ORC) has been assigned a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company.
Brokerages have set a 1-year consensus target price of $10.00 for the company, according to Zacks. Zacks has also assigned Orchid Island Capital an industry rank of 213 out of 265 based on the ratings given to related companies.
A number of brokerages have weighed in on ORC. ValuEngine lowered Orchid Island Capital from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research lowered Orchid Island Capital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 2nd.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Orchid Island Capital by 7.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,213,688 shares of the real estate investment trust’s stock valued at $11,967,000 after purchasing an additional 79,556 shares in the last quarter. State Street Corp grew its stake in Orchid Island Capital by 19.5% during the 2nd quarter. State Street Corp now owns 551,177 shares of the real estate investment trust’s stock valued at $5,436,000 after purchasing an additional 90,106 shares in the last quarter. Northern Trust Corp grew its stake in Orchid Island Capital by 11.4% during the 2nd quarter. Northern Trust Corp now owns 371,409 shares of the real estate investment trust’s stock valued at $3,663,000 after purchasing an additional 38,040 shares in the last quarter. Van ECK Associates Corp acquired a new stake in Orchid Island Capital during the 3rd quarter valued at approximately $2,662,000. Finally, TIAA CREF Investment Management LLC grew its stake in Orchid Island Capital by 336.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 244,351 shares of the real estate investment trust’s stock valued at $2,409,000 after purchasing an additional 188,316 shares in the last quarter. Hedge funds and other institutional investors own 26.42% of the company’s stock.
Shares of Orchid Island Capital (NYSE ORC) traded down $0.11 during midday trading on Thursday, reaching $7.10. The company’s stock had a trading volume of 3,200,489 shares, compared to its average volume of 1,690,000. Orchid Island Capital has a 12-month low of $6.77 and a 12-month high of $12.60. The firm has a market cap of $327.37, a price-to-earnings ratio of -12.46 and a beta of 0.29.
Orchid Island Capital announced that its Board of Directors has authorized a share repurchase plan 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. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a monthly dividend, which was paid on Friday, February 9th. Shareholders of record on Wednesday, January 31st were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $1.32 dividend on an annualized basis and a yield of 18.59%. Orchid Island Capital’s dividend payout ratio (DPR) is presently -231.58%.
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About Orchid Island Capital
Orchid Island Capital, Inc is a specialty finance company that invests in residential mortgage-backed securities (RMBS). The Company’s business objective is to provide attractive risk-adjusted total returns to its investors over the long term through a combination of capital appreciation and the payment of regular monthly distributions.
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