Zacks Investment Research cut shares of Orchid Island Capital (NYSE:ORC) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday.
According to Zacks, “Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities the principal and interest payments of which are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. The Company intends to qualify and will elect to be taxed as a REIT commencing with its taxable year ending December 31, 2013. Orchid Island Capital, Inc. is based in United States. “
Separately, ValuEngine raised Orchid Island Capital from a hold rating to a buy rating in a report on Wednesday, January 3rd.
Orchid Island Capital (NYSE:ORC) opened at $7.63 on Wednesday. The firm has a market capitalization of $351.81, a price-to-earnings ratio of 254.33 and a beta of 0.29. Orchid Island Capital has a 52-week low of $6.77 and a 52-week high of $11.65.
The firm also recently declared a monthly dividend, which will be paid on Friday, March 9th. Shareholders of record on Wednesday, February 28th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $1.32 dividend on an annualized basis and a yield of 17.30%. Orchid Island Capital’s dividend payout ratio is presently 4,400.00%.
Orchid Island Capital announced that its board has approved a share buyback plan on Thursday, February 8th that allows the company to buyback 4,520,000 outstanding shares. This buyback authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Orchid Island Capital by 7.0% in the second quarter. Vanguard Group Inc. now owns 1,213,688 shares of the real estate investment trust’s stock worth $11,967,000 after purchasing an additional 79,556 shares during the last quarter. State Street Corp increased its holdings in shares of Orchid Island Capital by 19.5% in the second quarter. State Street Corp now owns 551,177 shares of the real estate investment trust’s stock worth $5,436,000 after purchasing an additional 90,106 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Orchid Island Capital by 15.2% in 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. Northern Trust Corp increased its holdings in shares of Orchid Island Capital by 11.4% in the second quarter. Northern Trust Corp now owns 371,409 shares of the real estate investment trust’s stock worth $3,663,000 after purchasing an additional 38,040 shares during the last quarter. Finally, Van ECK Associates Corp bought a new stake in shares of Orchid Island Capital in the third quarter worth about $2,662,000. 26.40% of the stock is currently owned by institutional investors and hedge funds.
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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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