Orchid Island Capital, Inc. (ORC) to Issue Monthly Dividend of $0.16 on October 27th

Orchid Island Capital, Inc. (NYSE:ORC) announced a monthly dividend on Monday, September 11th, Zacks reports. Stockholders of record on Friday, September 29th will be given a dividend of 0.16 per share by the real estate investment trust on Friday, October 27th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 20.40%. The ex-dividend date is Thursday, September 28th.

Orchid Island Capital has decreased its dividend by an average of 18.1% annually over the last three years. Orchid Island Capital has a payout ratio of 6,400.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Orchid Island Capital to earn $0.21 per share next year, which means the company may not be able to cover its $1.92 annual dividend with an expected future payout ratio of 914.3%.

Orchid Island Capital Stock Performance

Shares of ORC traded up $0.09 during mid-day trading on Wednesday, reaching $9.41. 1,315,086 shares of the company’s stock traded hands, compared to its average volume of 942,059. Orchid Island Capital has a 12 month low of $7.95 and a 12 month high of $12.66. The stock has a market capitalization of $413.07 million, a P/E ratio of -8.47 and a beta of 1.63. The business’s 50-day moving average price is $9.99 and its 200-day moving average price is $10.24.

Analyst Ratings Changes

Separately, StockNews.com began coverage on Orchid Island Capital in a report on Thursday, August 17th. They set a “sell” rating on the stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Orchid Island Capital by 50.3% in the first quarter. Vanguard Group Inc. now owns 10,183,641 shares of the real estate investment trust’s stock worth $33,097,000 after buying an additional 3,406,623 shares during the last quarter. BlackRock Inc. grew its position in Orchid Island Capital by 11.5% during the 1st quarter. BlackRock Inc. now owns 3,502,129 shares of the real estate investment trust’s stock worth $37,578,000 after purchasing an additional 361,242 shares in the last quarter. State Street Corp grew its position in Orchid Island Capital by 12.6% during the 2nd quarter. State Street Corp now owns 2,862,255 shares of the real estate investment trust’s stock worth $8,283,000 after purchasing an additional 320,297 shares in the last quarter. Northern Trust Corp grew its position in Orchid Island Capital by 25.5% during the 2nd quarter. Northern Trust Corp now owns 1,568,441 shares of the real estate investment trust’s stock worth $4,469,000 after purchasing an additional 319,137 shares in the last quarter. Finally, Balyasny Asset Management LLC grew its position in Orchid Island Capital by 1,436.8% during the 3rd quarter. Balyasny Asset Management LLC now owns 1,494,875 shares of the real estate investment trust’s stock worth $12,258,000 after purchasing an additional 1,397,606 shares in the last quarter. Institutional investors and hedge funds own 27.47% of the company’s stock.

Orchid Island Capital Company Profile

Orchid Island Capital, Inc, a specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States. The company's RMBS is backed by single-family residential mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS, such as mortgage pass through certificates and collateralized mortgage obligations; and structured Agency RMBS comprising interest only securities, inverse interest only securities, and principal only securities.