Orchid Island Capital Inc (NYSE:ORC) announced a monthly dividend on Thursday, January 11th, Wall Street Journal reports. Shareholders of record on Wednesday, January 31st will be given a dividend of 0.11 per share by the real estate investment trust on Friday, February 9th. This represents a $1.32 annualized dividend and a dividend yield of 17.77%. The ex-dividend date is Tuesday, January 30th.
Orchid Island Capital has decreased its dividend by an average of 8.0% per year over the last three years. Orchid Island Capital has a dividend payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Orchid Island Capital to earn $1.55 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 85.2%.
Orchid Island Capital (NYSE:ORC) traded down $0.16 during trading hours on Friday, hitting $7.43. The company’s stock had a trading volume of 1,434,210 shares, compared to its average volume of 1,550,000. The stock has a market capitalization of $342.58, a P/E ratio of -13.04 and a beta of 0.29. Orchid Island Capital has a 12-month low of $7.38 and a 12-month high of $12.60.
ORC has been the topic of several recent research reports. Zacks Investment Research upgraded Orchid Island Capital from a “hold” rating to a “strong-buy” rating and set a $11.00 target price on the stock in a research report on Thursday, November 2nd. ValuEngine upgraded Orchid Island Capital from a “hold” rating to a “buy” rating in a research report on Wednesday, January 3rd. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average 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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