VERO BEACH, Fla. - Orchid Island (NYSE:ORC) Capital, Inc. (NYSE: ORC), a finance company specializing in Agency Residential Mortgage-Backed Securities (RMBS), has declared a monthly dividend of $0.12 per share for April 2024, payable on May 30, 2024, to shareholders of record as of April 30, 2024. The ex-dividend date is April 29, 2024, with the next dividend announcement expected on May 8, 2024.
The company reported an estimated book value per share of $9.12 as of March 31, 2024, and an estimated GAAP net income of $0.38 per share for the first quarter of 2024. This includes an estimated $0.50 per share of net realized and unrealized gains on RMBS and derivative instruments.
Orchid Island's estimated total return on equity for the quarter was 4.2%, combining dividends declared and changes in book value during the quarter.
These preliminary figures are subject to change and are currently under review by the company's independent registered public accounting firm. Orchid Island's portfolio as of March 31, 2024, includes various categories of Agency RMBS, with detailed characteristics and risk measures provided in the press release.
Orchid Island Capital is required to distribute at least 90% of its REIT taxable income annually to qualify as a real estate investment trust (REIT). The company has not set a minimum distribution payment level and cannot guarantee future distributions to stockholders.
As of today, Orchid Island has 52,973,989 shares of common stock outstanding. This is an increase from 52,826,169 shares as of March 31, 2024, and 51,636,074 shares as of December 31, 2023.
These announcements are based on a press release statement and are intended to provide shareholders with updates on the company's financial performance and dividend distributions.
InvestingPro Insights
Orchid Island Capital, Inc. (NYSE: ORC) remains a noteworthy pick for income-focused investors, especially considering its significant dividend yield of 16.65% as of the latest data. This robust dividend is part of a consistent pattern, as the company has maintained its dividend payments for 12 consecutive years, showcasing a commitment to returning value to shareholders. This detail is particularly relevant given the company's recent dividend declaration for April 2024.
Still, those eyeing ORC for its dividend potential should also be mindful of the company's financial health. The adjusted market capitalization stands at $423.45M, and the company has been operating at a loss with a negative P/E ratio of -9.41, as per the last twelve months leading up to Q4 2023. Moreover, the company's short-term obligations currently exceed its liquid assets, which may raise concerns about its short-term financial stability.
For investors seeking a deeper dive into Orchid Island Capital's financials and strategic positioning, additional InvestingPro Tips are available, revealing that the stock price movements are quite volatile and analysts do not anticipate the company will be profitable this year. These insights could be crucial for making informed investment decisions.
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