Orchid Island Capital (NYSE:ORC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities the principal and interest payments of which are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. The Company intends to qualify and will elect to be taxed as a REIT commencing with its taxable year ending December 31, 2013. Orchid Island Capital, Inc. is based in United States. “
Separately, ValuEngine raised Orchid Island Capital from a “hold” rating to a “buy” rating in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. Orchid Island Capital has a consensus rating of “Hold” and a consensus target price of $11.00.
Orchid Island Capital (ORC) opened at $7.55 on Wednesday. The company has a market capitalization of $389.47, a P/E ratio of 9.06 and a beta of 0.29. Orchid Island Capital has a 52-week low of $6.77 and a 52-week high of $12.47.
Orchid Island Capital declared that its board has approved a stock repurchase program on Thursday, February 8th that authorizes the company to buyback 4,520,000 outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
A number of institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. acquired a new position in shares of Orchid Island Capital in the 3rd quarter valued at approximately $124,000. Voya Investment Management LLC acquired a new position in shares of Orchid Island Capital in the 2nd quarter valued at approximately $145,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Orchid Island Capital in the 3rd quarter valued at approximately $153,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Orchid Island Capital in the 2nd quarter valued at approximately $163,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Orchid Island Capital in the 2nd quarter valued at approximately $165,000. 26.40% of the stock is currently owned by hedge funds and other institutional investors.
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Orchid Island Capital Company Profile
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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