Orchid Island Capital (NYSE:ORC) Shares Pass Below 200 Day Moving Average of $8.45

Orchid Island Capital, Inc. (NYSE:ORC) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $8.45 and traded as low as $8.26. Orchid Island Capital shares last traded at $8.29, with a volume of 1,722,577 shares.

Analysts Set New Price Targets

Separately, Janney Montgomery Scott started 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 on the stock.

Orchid Island Capital Stock Performance

The firm has a market capitalization of $439.15 million, a P/E ratio of -15.64 and a beta of 1.86. The stock has a fifty day moving average price of $8.29 and a two-hundred day moving average price of $8.45.

Orchid Island Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, August 30th. This represents a $1.44 annualized dividend and a yield of 17.37%. Orchid Island Capital’s payout ratio is -271.70%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new position in Orchid Island Capital during the 1st quarter worth $26,000. Russell Investments Group Ltd. grew its position in shares of Orchid Island Capital by 310.0% during the fourth quarter. Russell Investments Group Ltd. now owns 3,235 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 2,446 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Orchid Island Capital in the 2nd quarter worth about $28,000. Parallel Advisors LLC lifted its position in Orchid Island Capital by 216.4% in the 4th quarter. Parallel Advisors LLC now owns 3,433 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 2,348 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in 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 period. 32.74% of the stock is currently owned by institutional investors.

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.