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

Orchid Island Capital, Inc. (NYSE:ORC)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $7.14 and traded as low as $6.42. Orchid Island Capital shares last traded at $6.4950, with a volume of 5,455,623 shares.

Analysts Set New Price Targets

ORC has been the subject of a number of analyst reports. BTIG Research began coverage on shares of Orchid Island Capital in a research report on Thursday, July 9th. They issued a “neutral” rating for the company. Weiss Ratings upgraded shares of Orchid Island Capital from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 15th. Finally, Wall Street Zen cut shares of Orchid Island Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $7.50.

Orchid Island Capital Stock Performance

The company’s fifty day moving average price is $6.74 and its two-hundred day moving average price is $7.14. The company has a debt-to-equity ratio of 0.34, a quick ratio of 509.34 and a current ratio of 509.34. The firm has a market capitalization of $1.30 billion, a PE ratio of 4.39 and a beta of 1.54.

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

Orchid Island Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, July 31st will be paid a $0.10 dividend. This represents a c) annualized dividend and a dividend yield of 18.5%. The ex-dividend date of this dividend is Friday, July 31st. Orchid Island Capital’s payout ratio is currently 81.08%.

Orchid Island Capital announced that its board has initiated a share buyback program on Monday, June 22nd that allows the company to buyback 25,000,000,000,000 shares. This buyback authorization allows the real estate investment trust to buy up to 12.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Orchid Island Capital

Several institutional investors have recently bought and sold shares of ORC. GAMMA Investing LLC raised its stake in shares of Orchid Island Capital by 91.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,650 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 1,739 shares during the period. PNC Financial Services Group Inc. raised its position in Orchid Island Capital by 64.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 2,502 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Orchid Island Capital by 32,505.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,521 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 6,501 shares in the last quarter. McIlrath & Eck LLC lifted its stake in shares of Orchid Island Capital by 157.2% during the first quarter. McIlrath & Eck LLC now owns 7,418 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 4,534 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Orchid Island Capital by 72.0% in the fourth quarter. CWM LLC now owns 7,797 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 3,263 shares during the period. 32.74% of the stock is currently owned by hedge funds and other institutional investors.

About Orchid Island Capital

Orchid Island Capital is a real estate investment trust that specializes in investing in residential mortgage?backed securities (RMBS), with a primary focus on mortgage pass?through securities guaranteed by the Government National Mortgage Association (Ginnie Mae). Structured to elect and maintain status as a REIT under the U.S. Internal Revenue Code, the company’s principal business strategy involves acquiring pools of U.S. residential mortgages in the secondary market and holding them to generate interest income.