Orchid Island Capital (NYSE:ORC) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Orchid Island Capital (NYSE:ORC) from a hold rating to a sell rating in a report released on Friday morning, Zacks.com reports.

According to Zacks, “Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities the principal and interest payments of which are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity. The Company intends to qualify and will elect to be taxed as a REIT commencing with its taxable year ending December 31, 2013. Orchid Island Capital, Inc. is based in United States. “

Separately, ValuEngine lowered Orchid Island Capital from a sell rating to a strong sell rating in a research report on Thursday.

Orchid Island Capital stock traded down $0.07 during mid-day trading on Friday, hitting $6.13. The company had a trading volume of 1,469,967 shares, compared to its average volume of 856,938. Orchid Island Capital has a 12-month low of $5.83 and a 12-month high of $8.14. The firm’s fifty day moving average is $6.48. The stock has a market cap of $343.59 million, a P/E ratio of 4.44 and a beta of 0.46.

The business also recently disclosed a monthly dividend, which will be paid on Friday, August 30th. Shareholders of record on Wednesday, July 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, July 30th. This represents a $0.96 annualized dividend and a yield of 15.66%. Orchid Island Capital’s dividend payout ratio is presently 69.57%.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Orchid Island Capital by 0.5% in the fourth quarter. BlackRock Inc. now owns 5,263,567 shares of the real estate investment trust’s stock valued at $33,634,000 after buying an additional 26,030 shares during the period. Bank of New York Mellon Corp lifted its holdings in Orchid Island Capital by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 204,780 shares of the real estate investment trust’s stock valued at $1,308,000 after buying an additional 3,062 shares during the period. Northern Trust Corp lifted its holdings in Orchid Island Capital by 0.3% in the fourth quarter. Northern Trust Corp now owns 592,412 shares of the real estate investment trust’s stock valued at $3,785,000 after buying an additional 1,647 shares during the period. Geode Capital Management LLC lifted its holdings in Orchid Island Capital by 5.9% in the fourth quarter. Geode Capital Management LLC now owns 568,773 shares of the real estate investment trust’s stock valued at $3,634,000 after buying an additional 31,436 shares during the period. Finally, Two Sigma Advisers LP acquired a new position in Orchid Island Capital in the fourth quarter valued at $86,000. Institutional investors and hedge funds own 31.95% of the company’s stock.

About Orchid Island Capital

Orchid Island Capital, Inc, a specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States. The company's RMBS are backed primarily by single-family residential mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS; and structured Agency RMBS, including collateralized mortgage obligations, interest only securities, inverse interest only securities, and principal only securities.

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