Orchid Island Capital (NYSE:ORC) Reaches New 12-Month Low – What’s Next?

Orchid Island Capital, Inc. (NYSE:ORC)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $6.56 and last traded at $6.5550, with a volume of 2106846 shares trading hands. The stock had previously closed at $6.65.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ORC shares. Weiss Ratings lowered Orchid Island Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, April 6th. Wall Street Zen cut Orchid Island Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $7.50.

Orchid Island Capital Price Performance

The stock has a market cap of $1.33 billion, a PE ratio of 8.85 and a beta of 1.55. The business’s 50-day simple moving average is $6.94 and its 200-day simple moving average is $7.28. The company has a quick ratio of 509.34, a current ratio of 509.34 and a debt-to-equity ratio of 0.26.

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 for the quarter, hitting analysts’ consensus estimates of $0.26. The firm had revenue of ($12.56) million for the quarter, compared to analysts’ expectations of $33.03 million.

Orchid Island Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, July 30th. Stockholders of record on Tuesday, June 30th will be given a $0.10 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 18.1%. The ex-dividend date is Tuesday, June 30th. Orchid Island Capital’s dividend payout ratio (DPR) is currently 160.00%.

Hedge Funds Weigh In On Orchid Island Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC purchased a new stake in Orchid Island Capital in the first quarter worth $84,000. Millennium Management LLC increased its position in Orchid Island Capital by 234.9% during the 1st quarter. Millennium Management LLC now owns 1,036,387 shares of the real estate investment trust’s stock valued at $7,794,000 after purchasing an additional 726,907 shares during the period. Strs Ohio bought a new position in Orchid Island Capital in the 1st quarter worth $111,000. Envestnet Asset Management Inc. purchased a new stake in shares of Orchid Island Capital in the 2nd quarter worth about $75,000. Finally, Legal & General Group Plc boosted its stake in shares of Orchid Island Capital by 1,421.3% during the 2nd quarter. Legal & General Group Plc now owns 100,817 shares of the real estate investment trust’s stock valued at $707,000 after purchasing an additional 94,190 shares in the last quarter. Institutional investors own 32.74% of the company’s stock.

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.