Orchid Island Capital (NYSE:ORC) Sets New 1-Year Low – What’s Next?

Shares of Orchid Island Capital, Inc. (NYSE:ORC) reached a new 52-week low during trading on Thursday. The stock traded as low as $4.64 and last traded at $4.6850, with a volume of 743,060 shares trading hands. The stock had previously closed at $4.80.

Analyst Ratings Changes

Separately, Weiss Ratings lowered shares of Orchid Island Capital from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, October 8th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $7.50.

Orchid Island Capital Stock Down 2.2%

The company has a market capitalization of $906.09 million, a PE ratio of 93.70 and a beta of 1.64. The firm has a 50-day moving average of $5.44 and a two-hundred day moving average of $6.61.

Orchid Island Capital (NYSE:ORC) last released its quarterly earnings data on Thursday, October 22nd. The real estate investment trust reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.29 by ($1.19). The business had revenue of $59.13 million during the quarter, compared to analyst estimates of $73.41 million.

Orchid Island Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Monday, November 30th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $1.20 dividend on an annualized basis and a yield of 25.6%. Orchid Island Capital’s payout ratio is presently 2,400.00%.

Institutional Investors Weigh In On Orchid Island Capital

Several hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of Orchid Island Capital in the 2nd quarter valued at about $3,899,000. Independent Financial Group LLC acquired a new position in Orchid Island Capital in the 1st quarter worth about $1,687,000. Jennison Associates LLC purchased a new position in Orchid Island Capital during the first quarter worth approximately $1,187,000. Arrowstreet Capital Limited Partnership purchased a new position in Orchid Island Capital during the first quarter worth approximately $2,894,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Orchid Island Capital during the second quarter worth approximately $690,000. 32.74% of the stock is owned by hedge funds and other institutional investors.

About Orchid Island Capital

Orchid Island Capital, Inc. is a mortgage real estate investment trust that invests primarily in residential mortgage-backed securities (RMBS). Its portfolio focuses on agency RMBS, whose principal and interest payments are guaranteed by U.S. government-sponsored enterprises or agencies, including Fannie Mae, Freddie Mac and Ginnie Mae. The company’s investments include mortgage pass-through securities and structured mortgage securities tied to U.S. residential loans. Orchid Island Capital seeks to generate income from its portfolio and finances its investments through borrowings, including repurchase agreements.