Orchid Island Capital, Inc. (NYSE:ORC) will issue a monthly dividend of $0.16

Orchid Island Capital, Inc. (NYSE:ORC – Get Rating) declared a monthly dividend on Monday, September 12, Zacks reports. Shareholders of record on Friday, September 30 will receive a dividend of 0.16 per share from the REIT on Thursday, October 27. This represents an annualized dividend of $1.92 and a yield of 15.36%. The ex-date of this dividend is Thursday, September 29.

Orchid Island Capital has reduced its dividend by an average of 10.0% per year over the past three years. Orchid Island Capital has a dividend payout ratio of 18.5%, which means its dividend is sufficiently covered by earnings. Research analysts expect Orchid Island Capital to earn $2.60 per share next year, meaning the company should continue to be able to cover its $0.38 annual dividend with a expected future payout ratio of 14.6%.

Orchid Island share capital performance

Orchid Island Capital shares opened at $12.50 on Wednesday. The stock has a market capitalization of $440.63 million, a PE ratio of -2.00 and a beta of 1.33. Orchid Island Capital has a 52-week low of $12.20 and a 52-week high of $25.40. The company has a 50-day simple moving average of $14.70 and a two-hundred-day simple moving average of $15.08.

Hedge funds weigh on Orchid Island Capital

Several hedge funds have recently changed their ORC holdings. Vanguard Group Inc. increased its stake in Orchid Island Capital by 50.3% during the first quarter. 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. State Street Corp increased its stake in Orchid Island Capital by 17.6% during the first quarter. State Street Corp now owns 2,541,958 shares of the real estate investment trust valued at $8,374,000 after buying an additional 380,388 shares last quarter. Northern Trust Corp increased its stake in Orchid Island Capital by 25.5% during the second quarter. Northern Trust Corp now owns 1,568,441 shares of the real estate investment trust valued at $4,469,000 after buying an additional 319,137 shares last quarter. Rhumbline Advisers increased its stake in Orchid Island Capital by 73.9% during the second quarter. Rhumbline Advisers now owns 252,896 shares of the real estate investment trust worth $721,000 after buying an additional 107,465 shares last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Orchid Island Capital by 118.7% during the second quarter. Goldman Sachs Group Inc. now owns 163,585 shares of the real estate investment trust worth $466,000 after buying an additional 88,792 shares in the last quarter. Hedge funds and other institutional investors hold 22.13% of the company’s shares.

Analyst upgrades and downgrades

Several research companies have recently weighed in on ORC. StockNews.com upgraded shares of Orchid Island Capital to a “sell” rating in a Thursday, September 8 report. LADENBURG THALM/SH SH downgraded shares of Orchid Island Capital to a “neutral” rating in a Monday, August 15 research report.

About Orchid Island Capital

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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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