Orchid Island Capital (NYSE:ORC) Posts Earnings Results, Misses Estimates By $0.02 EPS

Orchid Island Capital (NYSE:ORC) announced its earnings results on Thursday. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.02), Zacks reports. The company had revenue of $59.97 million for the quarter, compared to the consensus estimate of $74.26 million.

Orchid Island Capital Stock Performance

Shares of NYSE ORC opened at $6.51 on Friday. The stock has a market cap of $1.30 billion, a PE ratio of 4.40 and a beta of 1.54. Orchid Island Capital has a 1 year low of $6.41 and a 1 year high of $8.40. The firm has a fifty day moving average price of $6.76 and a 200-day moving average price of $7.17. 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 Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, July 31st will be given a $0.10 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 18.4%. The ex-dividend date is Friday, July 31st. Orchid Island Capital’s dividend payout ratio is presently 160.00%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ORC. Vanguard Group Inc. raised its holdings in Orchid Island Capital by 24.1% during the third quarter. Vanguard Group Inc. now owns 7,917,449 shares of the real estate investment trust’s stock valued at $55,501,000 after acquiring an additional 1,537,126 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Orchid Island Capital by 3.9% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,953,916 shares of the real estate investment trust’s stock worth $27,717,000 after purchasing an additional 149,251 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Orchid Island Capital by 25.6% during the fourth quarter. Geode Capital Management LLC now owns 3,903,240 shares of the real estate investment trust’s stock worth $28,109,000 after purchasing an additional 795,210 shares in the last quarter. Invesco Ltd. raised its stake in 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 valued at $22,190,000 after purchasing an additional 294,547 shares during the period. Finally, State Street Corp raised its stake in Orchid Island Capital by 18.8% during the 4th quarter. State Street Corp now owns 3,059,581 shares of the real estate investment trust’s stock valued at $22,394,000 after purchasing an additional 484,209 shares during the period. Institutional investors own 32.74% of the company’s stock.

Analysts Set New Price Targets

ORC has been the topic of several analyst reports. Weiss Ratings upgraded shares of Orchid Island Capital from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, July 15th. Wall Street Zen lowered Orchid Island Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 5th. Finally, BTIG Research initiated coverage on Orchid Island Capital in a report on Thursday, July 9th. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $7.50.

Orchid Island Capital announced that its Board of Directors has initiated a share buyback program 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 repurchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.