Zacks Investment Research upgraded shares of Orchid Island Capital (NYSE:ORC) from a sell rating to a hold rating in a research report report published on Tuesday morning.
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. “
Other research analysts have also issued reports about the company. LADENBURG THALM/SH SH lowered Orchid Island Capital from a buy rating to a neutral rating in a research report on Friday, October 26th. ValuEngine raised Orchid Island Capital from a strong sell rating to a sell rating in a research report on Thursday, November 1st.
Shares of ORC stock opened at $6.61 on Tuesday. Orchid Island Capital has a fifty-two week low of $6.29 and a fifty-two week high of $9.63. The stock has a market capitalization of $341.90 million, a price-to-earnings ratio of 7.87 and a beta of 0.37.
Orchid Island Capital (NYSE:ORC) last issued its earnings results on Friday, October 26th. The real estate investment trust reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.42). Sell-side analysts anticipate that Orchid Island Capital will post 1.44 earnings per share for the current year.
The company also recently announced a monthly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 30th will be given a $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 14.52%. The ex-dividend date of this dividend is Thursday, November 29th. Orchid Island Capital’s payout ratio is currently 114.29%.
Several hedge funds and other institutional investors have recently modified their holdings of ORC. BlackRock Inc. increased its holdings in shares of Orchid Island Capital by 15.6% during the 2nd quarter. BlackRock Inc. now owns 4,974,258 shares of the real estate investment trust’s stock valued at $37,407,000 after acquiring an additional 672,913 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Orchid Island Capital during the 3rd quarter valued at about $2,982,000. Bank of America Corp DE increased its holdings in shares of Orchid Island Capital by 2,271.1% during the 2nd quarter. Bank of America Corp DE now owns 116,348 shares of the real estate investment trust’s stock valued at $875,000 after acquiring an additional 111,441 shares during the last quarter. Price Capital Management Inc. acquired a new position in shares of Orchid Island Capital during the 2nd quarter valued at about $487,000. Finally, Millennium Management LLC increased its holdings in shares of Orchid Island Capital by 237.2% during the 1st quarter. Millennium Management LLC now owns 91,683 shares of the real estate investment trust’s stock valued at $676,000 after acquiring an additional 64,493 shares during the last quarter. 33.85% of the stock is currently owned by institutional investors and hedge funds.
About Orchid Island Capital
Orchid Island Capital, Inc, a specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States. The company's RMBS are backed primarily by single-family residential mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS; and structured Agency RMBS, including collateralized mortgage obligations, interest only securities, inverse interest only securities, and principal only securities.
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