Shares of Orchid Island Capital, Inc. (NYSE:ORC – Get Rating) are scheduled to reverse split on the morning of Wednesday, August 31st. The 1-5 reverse split was announced on Wednesday, August 31st. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, August 31st.
Orchid Island Capital Price Performance
Shares of ORC stock opened at $2.76 on Tuesday. The firm has a market cap of $486.45 million, a PE ratio of -2.21 and a beta of 1.31. The company has a 50-day moving average of $2.98 and a two-hundred day moving average of $3.14. Orchid Island Capital has a 1-year low of $2.44 and a 1-year high of $5.17.
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Orchid Island Capital Increases Dividend
The business also recently announced a monthly dividend, which will be paid on Wednesday, September 28th. Shareholders of record on Wednesday, August 31st will be paid a dividend of $0.16 per share. This represents a $1.92 annualized dividend and a yield of 69.57%. The ex-dividend date is Tuesday, August 30th. This is a positive change from Orchid Island Capital's previous monthly dividend of $0.05. Orchid Island Capital's dividend payout ratio (DPR) is -43.20%.
Wall Street Analyst Weigh In
Several research analysts have weighed in on ORC shares. LADENBURG THALM/SH SH lowered shares of Orchid Island Capital to a "neutral" rating in a research note on Monday, August 15th. StockNews.com raised shares of Orchid Island Capital to a "sell" rating in a research note on Friday.
Institutional Trading of Orchid Island Capital
Several hedge funds have recently made changes to their positions in the business. Legal & General Group Plc lifted its position in shares of Orchid Island Capital by 40.2% during the second quarter. Legal & General Group Plc now owns 14,975 shares of the real estate investment trust's stock worth $43,000 after purchasing an additional 4,291 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of 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's stock worth $466,000 after purchasing an additional 88,792 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Orchid Island Capital by 38.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 120,739 shares of the real estate investment trust's stock valued at $344,000 after acquiring an additional 33,502 shares in the last quarter. Prudential Financial Inc. acquired a new stake in Orchid Island Capital in the second quarter valued at approximately $32,000. Finally, State Street Corp raised its holdings in Orchid Island Capital by 12.6% in the second quarter. State Street Corp now owns 2,862,255 shares of the real estate investment trust's stock valued at $8,283,000 after acquiring an additional 320,297 shares in the last quarter. Institutional investors and hedge funds own 21.81% of the company's stock.
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 mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS, such as mortgage pass through certificates and collateralized mortgage obligations; and structured Agency RMBS comprising interest only securities, inverse interest only securities, and principal only securities.
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