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Bitting W Coleman, a director at Orchid Island Capital, Inc. (NYSE:ORC), has recently acquired common stock valued at approximately $309, according to a recent SEC filing. The transactions, which occurred over several months, saw Bitting purchase shares at prices ranging from $6.19 to $9.70 per share. Currently trading at $7.47, the stock sits near its 52-week low of $7.36, with InvestingPro analysis indicating the stock is currently overvalued relative to its Fair Value.
The acquisitions were made through a dividend reinvestment program, as noted in the filing. With an impressive dividend yield of 19.15% and a 13-year track record of consistent dividend payments, the program offers substantial reinvestment potential. Bitting’s transactions increased his total holdings to 4,292 shares of Orchid Island Capital’s common stock, representing a stake in the $697.37M market cap company. Additionally, Bitting acquired 3,324 deferred stock units, which are set to convert to common stock under specific conditions. InvestingPro subscribers can access 8 more key insights about ORC’s financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, Orchid Island Capital Inc. reported its fourth-quarter 2024 earnings, surpassing expectations with an earnings per share (EPS) of $0.07, compared to a forecasted loss of $0.02 per share. The company’s revenue for the quarter also exceeded projections, reaching $8.1 million against the expected $1.83 million. Additionally, Orchid Island Capital has launched a $350 million equity sale program, allowing for the potential sale of its common stock through various sales agents, including J.P. Morgan Securities LLC and BTIG, LLC. In a related move, Orchid Island Capital has amended its charter to increase its authorized shares from 120 million to 220 million, which may facilitate future equity offerings.
Orchid Island Capital also declared a monthly dividend of $0.12 per share for February 2025, payable on March 28, 2025, to shareholders of record as of February 28, 2025. The company’s RMBS portfolio was valued at approximately $5.615 billion as of January 31, 2025. Analyst firms, such as BTIG, have been closely watching these developments, with analysts discussing the company’s strategic positioning and potential market impacts during earnings calls. The company has not announced any specific plans to issue new shares despite the increase in authorized shares. These recent developments highlight Orchid Island Capital’s strategic financial maneuvers and operational updates.
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