Share Repurchase Plan Announced by Bimini Capital Management (OTCMKTS:BMNM) Board

Bimini Capital Management (OTCMKTS:BMNM) declared that its Board of Directors has initiated a share buyback plan on Thursday, March 12th, RTT News reports. The company plans to repurchase $2.50 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Bimini Capital Management Price Performance

BMNM stock traded down $0.33 during trading on Thursday, reaching $3.11. 754 shares of the company were exchanged, compared to its average volume of 2,909. The company has a debt-to-equity ratio of 2.96, a quick ratio of 0.11 and a current ratio of 0.11. The stock’s 50 day moving average price is $3.23 and its 200 day moving average price is $2.14. Bimini Capital Management has a 52-week low of $0.60 and a 52-week high of $3.89. The company has a market cap of $31.32 million, a P/E ratio of 34.56 and a beta of 0.05.

Bimini Capital Management Company Profile

Bimini Capital Management, Inc, through its subsidiaries, operates as a specialty finance company in the United States. The company operates in two segments, Asset Management and Investment Portfolio. The Asset Management segment includes investment advisory services by Bimini Advisors to Orchid Island Capital, Inc and Royal Palm Capital, LLC. The Investment Portfolio segment engages in investment activities conducted by Royal Palm Capital, LLC. It invests in residential mortgage-backed securities.