Orchid Island Capital (NYSE:ORC) Updates Q1 2024 Earnings Guidance

Orchid Island Capital (NYSE:ORC) updated its first quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of -0.120–0.120 for the period, compared to the consensus earnings per share estimate of -0.070. The company issued revenue guidance of -.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Orchid Island Capital to a sell rating in a research report on Friday, February 9th.

Orchid Island Capital Price Performance

Shares of NYSE:ORC opened at $8.47 on Friday. Orchid Island Capital has a fifty-two week low of $5.90 and a fifty-two week high of $11.27. The business has a 50-day simple moving average of $8.55 and a two-hundred day simple moving average of $8.06.

Orchid Island Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Tuesday, April 30th will be given a $0.12 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 17.01%. The ex-dividend date of this dividend is Monday, April 29th. Orchid Island Capital’s dividend payout ratio (DPR) is -175.61%.

Institutional Investors Weigh In On Orchid Island Capital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. purchased a new stake in shares of Orchid Island Capital during the 2nd quarter valued at about $32,000. PNC Financial Services Group Inc. increased its position in shares of Orchid Island Capital by 1,054.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,062 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 3,710 shares during the last quarter. Atria Wealth Solutions Inc. purchased a new stake in shares of Orchid Island Capital during the 1st quarter valued at about $38,000. Renaissance Technologies LLC purchased a new stake in shares of Orchid Island Capital during the 2nd quarter valued at about $42,000. Finally, Legal & General Group Plc increased its position in shares of Orchid Island Capital by 40.2% during the 2nd quarter. Legal & General Group Plc now owns 14,975 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 4,291 shares during the last quarter. Hedge funds and other institutional investors own 32.74% 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 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.