Orchid Island Capital, Inc. (NYSE:ORC – Get Rating) benefited from a surge in short-term interest in April. As of April 30, there was short interest totaling 14,450,000 shares, an increase of 28.4% from the total of 11,250,000 shares as of April 15. Based on an average trading volume of 3,960,000 shares, the short interest ratio is currently 3.6 days.
Several institutional investors and hedge funds have recently changed their ORC holdings. Vanguard Group Inc. increased its equity stake in Orchid Island Capital by 50.3% in Q1. Vanguard Group Inc. now owns 10,183,641 shares of the real estate investment trust worth $33,097,000 after purchasing an additional 3,406,623 shares in the last quarter. BlackRock Inc. increased its equity stake in Orchid Island Capital by 19.3% in the third quarter. BlackRock Inc. now owns 10,985,315 shares of the real estate investment trust worth $53,719,000 after purchasing an additional 1,779,939 shares in the last quarter. Balyasny Asset Management LLC increased its equity stake in Orchid Island Capital by 1,130.5% in Q3. Balyasny Asset Management LLC now owns 1,719,052 shares of the real estate investment trust worth $8,406,000 after purchasing an additional 1,579,349 shares last quarter. Invesco Ltd. increased its position in Orchid Island Capital by 20.4% during the third quarter. Invesco Ltd. now owns 5,600,192 shares of the real estate investment trust worth $27,385,000 after acquiring an additional 950,478 shares in the last quarter. Finally, Morgan Stanley increased its position in Orchid Island Capital by 424.8% during the 2nd quarter. Morgan Stanley now owns 923,573 shares of the real estate investment trust worth $4,794,000 after acquiring an additional 747,586 shares in the last quarter. 21.81% of the shares are held by institutional investors and hedge funds.
Several stock analysts have commented on the company. StockNews.com picked up coverage from Orchid Island Capital in a Thursday, March 31 report. They issued a “sell” rating for the company. Zacks Investment Research upgraded Orchid Island Capital from a “sell” rating to a “hold” rating in a Tuesday, May 3 report. Finally, Jonestrading upgraded Orchid Island Capital from a “buy” rating to a “hold” rating in a Friday, February 25 report. One analyst rated the stock with a sell rating and three gave the company a hold rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.25.
ORC shares traded down $0.01 in midday trading on Tuesday, hitting $2.96. The company had a trading volume of 50,847 shares, compared to an average volume of 3,493,451 shares. Orchid Island Capital has a 12-month low of $2.61 and a 12-month high of $5.86. The company’s 50-day moving average is $3.12 and its 200-day moving average is $3.89. The company has a market capitalization of $524.28 million, a P/E ratio of -2.74 and a beta of 1.33.
The company also recently announced a monthly dividend, which will be paid on Tuesday, June 28. Shareholders of record on Tuesday, May 31 will receive a dividend of $0.045. The ex-dividend date is Friday, May 27. This represents a dividend of $0.54 on an annualized basis and a dividend yield of 18.24%. Orchid Island Capital’s payout ratio is currently -50.00%.
About Orchid Island Capital (Get a rating)
Orchid Island Capital, Inc, a specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States. The Company’s RMBS is backed by single-family residential mortgages, referred to as Agency RMBS. Its portfolio includes traditional transfer agency RMBS, such as mortgage transfer certificates and secured mortgage bonds; and structured agency RMBS comprising interest only securities, inverse interest only securities and principal only securities.
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