Orchid Island Capital (NYSE:ORC) Shares Cross Below 200-Day Moving Average – Here’s What Happened

Orchid Island Capital, Inc. (NYSE:ORC)’s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $7.04 and traded as low as $6.59. Orchid Island Capital shares last traded at $6.63, with a volume of 3,841,995 shares traded.

Wall Street Analysts Forecast Growth

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

Orchid Island Capital Stock Performance

The company has a current ratio of 509.34, a quick ratio of 509.34 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average price of $6.69 and a 200 day moving average price of $7.03. The firm has a market cap of $1.33 billion, a PE ratio of 4.49 and a beta of 1.55.

Orchid Island Capital (NYSE:ORC) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.02). The company had revenue of $59.97 million for the quarter, compared to analysts’ expectations of $74.26 million.

Orchid Island Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a c) annualized dividend and a dividend yield of 18.1%. Orchid Island Capital’s dividend payout ratio is 81.08%.

Orchid Island Capital announced that its board has authorized a stock repurchase 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 generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Orchid Island Capital

Several institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Orchid Island Capital by 91.0% in the second quarter. GAMMA Investing LLC now owns 3,650 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 1,739 shares during the period. PNC Financial Services Group Inc. increased its stake in Orchid Island Capital by 64.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 2,502 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in Orchid Island Capital by 32,505.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,521 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 6,501 shares during the period. McIlrath & Eck LLC raised its position in Orchid Island Capital by 157.2% in the first quarter. McIlrath & Eck LLC now owns 7,418 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 4,534 shares during the period. Finally, CWM LLC raised its position in Orchid Island Capital by 72.0% in the fourth quarter. CWM LLC now owns 7,797 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 3,263 shares during the period. Hedge funds and other institutional investors own 32.74% of the company’s stock.

Orchid Island Capital Company 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.