Orchid Island Capital (NYSE:ORC) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Orchid Island Capital, Inc. (NYSE:ORC) shares crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $6.61 and traded as low as $4.96. Orchid Island Capital shares last traded at $5.0450, with a volume of 4,259,185 shares.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ORC shares. Weiss Ratings downgraded Orchid Island Capital from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, October 8th. BTIG Research began coverage on Orchid Island Capital in a research report on Thursday, July 9th. They issued a “neutral” rating on the stock. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Orchid Island Capital currently has an average rating of “Reduce” and an average price target of $7.50.

Orchid Island Capital Price Performance

The business’s 50 day moving average is $6.12 and its 200-day moving average is $6.58. The company has a market cap of $1.01 billion, a PE ratio of 3.43 and a beta of 1.60.

Orchid Island Capital (NYSE:ORC) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.02). The business had revenue of $59.97 million for the quarter, compared to the consensus estimate of $74.26 million.

Orchid Island Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, October 29th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 23.6%. Orchid Island Capital’s payout ratio is presently 81.08%.

Orchid Island Capital declared that its Board of Directors has approved a share repurchase program on Monday, June 22nd that permits the company to repurchase 25,000,000,000,000 outstanding shares. This buyback authorization permits the real estate investment trust to buy up to 12.5% of its shares through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Orchid Island Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in Orchid Island Capital by 91.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,650 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 1,739 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Orchid Island Capital by 32,505.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 6,521 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 6,501 shares in the last quarter. McIlrath & Eck LLC boosted its position in shares of Orchid Island Capital by 157.2% during the 1st quarter. McIlrath & Eck LLC now owns 7,418 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 4,534 shares in the last quarter. State of Wyoming acquired a new position in shares of Orchid Island Capital during the 1st quarter worth about $66,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Orchid Island Capital by 51.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,704 shares of the real estate investment trust’s stock valued at $68,000 after acquiring an additional 3,291 shares during the last quarter. 32.74% of the stock is currently owned by institutional investors and hedge funds.

About Orchid Island Capital

Orchid Island Capital, Inc is a real estate investment trust that invests primarily in residential mortgage-backed securities (RMBS) issued or guaranteed by U.S. government-sponsored entities. Its portfolio generally consists of agency securities backed by mortgages insured or guaranteed by the Government National Mortgage Association (Ginnie Mae), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac).

The company seeks to generate income from its investments and manage interest-rate and prepayment risks through portfolio construction, financing arrangements, and hedging strategies.