Orchid Island Capital, Inc. (NYSE:ORC) Plans $0.12 Monthly Dividend

Orchid Island Capital, Inc. (NYSE:ORC) declared a monthly dividend on Monday, September 9th, NASDAQ reports. Investors of record on Monday, September 30th will be paid a dividend of 0.12 per share by the real estate investment trust on Wednesday, October 30th. This represents a $1.44 annualized dividend and a yield of 17.60%. The ex-dividend date is Monday, September 30th.

Orchid Island Capital has increased its dividend by an average of 164.3% per year over the last three years. Orchid Island Capital has a payout ratio of 2,400.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Orchid Island Capital to earn $0.09 per share next year, which means the company may not be able to cover its $1.44 annual dividend with an expected future payout ratio of 1,600.0%.

Orchid Island Capital Price Performance

NYSE ORC remained flat at $8.18 during trading hours on Tuesday. 1,475,162 shares of the company traded hands, compared to its average volume of 1,468,874. The stock has a fifty day moving average of $8.25 and a two-hundred day moving average of $8.44. Orchid Island Capital has a fifty-two week low of $5.90 and a fifty-two week high of $9.62. The firm has a market cap of $583.56 million, a price-to-earnings ratio of -15.45 and a beta of 1.85.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Orchid Island Capital in a research note on Wednesday, August 28th. Janney Montgomery Scott assumed coverage on shares of Orchid Island Capital in a research note on Thursday, June 6th. They issued a “buy” rating and a $9.50 target price for the company.

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.