Orchid Island Capital, Inc. (NYSE:ORC) declared a monthly dividend on Tuesday, October 12th, Zacks reports. Stockholders of record on Friday, October 29th will be paid a dividend of 0.065 per share by the real estate investment trust on Friday, November 26th. This represents a $0.78 annualized dividend and a dividend yield of 15.57%. The ex-dividend date of this dividend is Thursday, October 28th.
Orchid Island Capital has decreased its dividend payment by 53.0% over the last three years and has increased its dividend every year for the last 2 years. Orchid Island Capital has a payout ratio of 79.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Orchid Island Capital to earn $1.00 per share next year, which means the company should continue to be able to cover its $0.78 annual dividend with an expected future payout ratio of 78.0%.
ORC stock opened at $5.01 on Thursday. The company has a 50 day moving average price of $5.01 and a 200 day moving average price of $5.29. Orchid Island Capital has a fifty-two week low of $4.80 and a fifty-two week high of $6.22. The stock has a market capitalization of $691.66 million, a PE ratio of 35.79 and a beta of 1.29.
Several research firms recently weighed in on ORC. Jonestrading upgraded shares of Orchid Island Capital from a “sell” rating to a “hold” rating in a research report on Friday, September 10th. TheStreet cut shares of Orchid Island Capital from a “c-” rating to a “d” rating in a research report on Friday, July 30th. Finally, Zacks Investment Research upgraded shares of Orchid Island Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 5th.
A hedge fund recently raised its stake in Orchid Island Capital stock. Royal Bank of Canada raised its holdings in shares of Orchid Island Capital, Inc. (NYSE:ORC) by 45.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 27,327 shares of the real estate investment trust’s stock after acquiring an additional 8,545 shares during the period. Royal Bank of Canada’s holdings in Orchid Island Capital were worth $142,000 at the end of the most recent reporting period. Institutional investors own 31.78% of the company’s stock.
About Orchid Island Capital
Orchid Island Capital, Inc operates as a specialty finance company, which engages in investing in residential mortgage-backed securities (RMBS). Its portfolio consists of traditional pass-through Agency RMBS and structured Agency RMBS. The traditional pass-through Agency RMBS include mortgage pass through certificates and collateralized mortgage obligations.
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