Short-term stake in Orchid Island Capital, Inc. (NYSE:ORC) drops 19.6%

Orchid Island Capital, Inc. (NYSE:ORC – Get Rating) benefited from a significant drop in short-term interest rates in May. As of May 15, there was short interest totaling 11,620,000 shares, down 19.6% from the April 30 total of 14,450,000 shares. Based on an average daily trading volume of 3,730,000 shares, the short interest ratio is currently 3.1 days.

ORC traded down $0.07 during Tuesday’s trading, hitting $3.12. The company’s shares had a trading volume of 89,352 shares, compared to an average trading volume of 2,913,011 shares. The company has a market capitalization of $552.61 million, a price-earnings ratio of -2.86 and a beta of 1.33. The company’s fifty-day moving average price is $3.05 and its 200-day moving average price is $3.75. Orchid Island Capital has a 52-week low of $2.61 and a 52-week high of $5.86.

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. This represents an annualized dividend of $0.54 and a dividend yield of 17.31%. The ex-dividend date is Friday, May 27. Orchid Island Capital’s dividend payout ratio (DPR) is currently -50.00%.

Several brokerages have recently commented on ORC. Jonestrading downgraded shares of Orchid Island Capital from a “buy” rating to a “hold” rating in a Friday, February 25 report. Zacks Investment Research upgraded Orchid Island Capital from a “sell” rating to a “hold” rating in a Tuesday, May 3 research report. Finally, began covering Orchid Island Capital in a research report on Thursday, March 31. They put a “sell” mark on the stock. One research analyst has rated the stock with a sell rating and three have issued a hold rating for the company’s stock. According to MarketBeat, Orchid Island Capital has an average rating of “Hold” and a consensus price target of $4.25.

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A number of hedge funds have recently increased or reduced their holdings in the stock. ARGI Investment Services LLC purchased a new stock position in Orchid Island Capital during Q1 for approximately $34,000. Point72 Hong Kong Ltd bought a new stake in shares of Orchid Island Capital in Q4 for a value of approximately $38,000. Avidian Wealth Solutions LLC acquired a new position in Orchid Island Capital in Q1 worth approximately $38,000. Atria Wealth Solutions Inc. acquired a new stake in Orchid Island Capital in the first quarter worth $38,000. Finally, Aigen Investment Management LP purchased a new equity stake in Orchid Island Capital in Q1 worth approximately $40,000. 21.81% of the shares are currently held by institutional investors and hedge funds.

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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