Orchid Island Capital Inc (NYSE:ORC) declared a monthly dividend on Thursday, December 14th, Wall Street Journal reports. Shareholders of record on Friday, December 29th will be given a dividend of 0.14 per share by the real estate investment trust on Wednesday, January 10th. This represents a $1.68 annualized dividend and a yield of 17.61%. The ex-dividend date is Thursday, December 28th.
Orchid Island Capital has raised its dividend by an average of 3.4% per year over the last three years. Orchid Island Capital has a dividend payout ratio of 83.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Orchid Island Capital to earn $1.55 per share next year, which means the company may not be able to cover its $1.68 annual dividend with an expected future payout ratio of 108.4%.
Shares of Orchid Island Capital (ORC) opened at $9.54 on Friday. Orchid Island Capital has a fifty-two week low of $9.18 and a fifty-two week high of $12.60.
ORC has been the topic of several analyst reports. Zacks Investment Research upgraded Orchid Island Capital from a “hold” rating to a “strong-buy” rating and set a $11.00 price objective on the stock in a report on Thursday, November 2nd. ValuEngine cut Orchid Island Capital from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. Finally, BidaskClub upgraded Orchid Island Capital from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $11.00.
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About Orchid Island Capital
Orchid Island Capital, Inc is a specialty finance company that invests in residential mortgage-backed securities (RMBS). The Company’s business objective is to provide attractive risk-adjusted total returns to its investors over the long term through a combination of capital appreciation and the payment of regular monthly distributions.
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