Orchid Island Capital, Inc. (NYSE:ORC) Shares to Pay Monthly Dividend of $0.10

Orchid Island Capital, Inc. (NYSE:ORC) announced a monthly dividend on Wednesday, October 14th. Shareholders of record on Friday, October 30th will be given a dividend of $0.10 per share by the real estate investment trust on Friday, November 27th. This represents a $1.20 annualized dividend and a yield of 23.6%. The ex-dividend date is Friday, October 30th.

Orchid Island Capital has decreased its dividend payment by an average of 0.2% annually over the last three years and has raised its dividend every year for the last 1 years. Orchid Island Capital has a dividend payout ratio of 151.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Orchid Island Capital Stock Up 0.3%

ORC opened at $5.08 on Thursday. Orchid Island Capital has a 12-month low of $4.85 and a 12-month high of $8.40. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 3.43 and a beta of 1.60. The business has a 50 day moving average of $6.12 and a 200-day moving average of $6.58.

Orchid Island Capital (NYSE:ORC) last issued its 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 firm had revenue of $59.97 million during the quarter, compared to the consensus estimate of $74.26 million.

Orchid Island Capital announced that its board has authorized a share repurchase plan on Monday, June 22nd that allows the company to buy back 25,000,000,000,000 outstanding shares. This repurchase authorization allows the real estate investment trust to buy up to 12.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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.