Jennison Associates LLC Purchases New Stake in Orchid Island Capital, Inc. $ORC

Jennison Associates LLC acquired a new position in Orchid Island Capital, Inc. (NYSE:ORC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 168,789 shares of the real estate investment trust’s stock, valued at approximately $1,187,000. Jennison Associates LLC owned 0.08% of Orchid Island Capital as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ORC. Vanguard Group Inc. raised its holdings in Orchid Island Capital by 23.4% during the 4th quarter. Vanguard Group Inc. now owns 9,767,670 shares of the real estate investment trust’s stock worth $70,327,000 after purchasing an additional 1,850,221 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Orchid Island Capital by 3.9% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,953,916 shares of the real estate investment trust’s stock valued at $27,717,000 after purchasing an additional 149,251 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Orchid Island Capital by 25.6% during the 4th quarter. Geode Capital Management LLC now owns 3,903,240 shares of the real estate investment trust’s stock worth $28,109,000 after buying an additional 795,210 shares during the period. Invesco Ltd. grew its position in shares of Orchid Island Capital by 10.3% during the 3rd quarter. Invesco Ltd. now owns 3,165,436 shares of the real estate investment trust’s stock worth $22,190,000 after buying an additional 294,547 shares during the period. Finally, State Street Corp raised its stake in shares of Orchid Island Capital by 18.8% during the fourth quarter. State Street Corp now owns 3,059,581 shares of the real estate investment trust’s stock worth $22,394,000 after buying an additional 484,209 shares during the last quarter. 32.74% of the stock is owned by institutional investors.

Orchid Island Capital Trading Down 1.3%

NYSE:ORC opened at $6.68 on Thursday. The company has a current ratio of 509.34, a quick ratio of 509.34 and a debt-to-equity ratio of 0.26. Orchid Island Capital, Inc. has a 1-year low of $6.41 and a 1-year high of $8.40. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 8.91 and a beta of 1.54. The business’s 50-day moving average price is $6.77 and its two-hundred day moving average price is $7.18.

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

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

Orchid Island Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, July 31st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a c) annualized dividend and a yield of 18.0%. Orchid Island Capital’s dividend payout ratio (DPR) is presently 160.00%.

Analyst Ratings Changes

Several equities analysts recently weighed in on ORC shares. Wall Street Zen lowered shares of Orchid Island Capital from a “hold” rating to a “sell” rating in a report on Tuesday, May 5th. BTIG Research initiated coverage on shares of Orchid Island Capital in a report on Thursday, July 9th. They set a “neutral” rating for the company. Finally, Weiss Ratings upgraded shares of Orchid Island Capital from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $7.50.

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.