Orchid Island Capital (ORC) to Issue Monthly Dividend of $0.09 on May 10th
Orchid Island Capital (NYSE:ORC) announced a monthly dividend on Friday, April 13th, Wall Street Journal reports. Investors of record on Monday, April 30th will be given a dividend of 0.09 per share by the real estate investment trust on Thursday, May 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 14.57%. The ex-dividend date is Friday, April 27th.
Orchid Island Capital has decreased its dividend payment by an average of 8.0% per year over the last three years. Orchid Island Capital has a payout ratio of 65.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Orchid Island Capital to earn $1.50 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 88.0%.
Orchid Island Capital stock opened at $7.41 on Friday. Orchid Island Capital has a 52 week low of $6.77 and a 52 week high of $11.13. The stock has a market cap of $393.22, a P/E ratio of 9.15 and a beta of 0.31.
A number of research analysts have issued reports on ORC shares. ValuEngine raised Orchid Island Capital from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 13th. Zacks Investment Research downgraded Orchid Island Capital from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 14th.
Orchid Island Capital declared that its Board of Directors has initiated a share buyback plan on Thursday, February 8th that authorizes the company to repurchase 4,520,000 shares. This repurchase authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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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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