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Wednesday, September 22, 2021

Here is why Orchid Island Capital Inc (ORC) stock dropped on Wednesday, April 14?

Orchid Island Capital Inc (ORC) stock decline by 3.91% in the after-market session on Wednesday after losing 0.49% in the morning session. ORC shares have gained 76.44% over the last 12 months, and they have moved up by 2.16% in the past week. Over the past three months, the stock has gained 17.18%, while over the past six months, it has added 18.76%.


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Preliminary first-quarter results

On April 15, 2021, Orchid Island Capital provided financial estimated figures for Q1, which ended March 31, 2021.

  • The company is expecting a GAAP net loss of $0.34 per share for Q1 2021.
  • ORC had 94,410,960 shares of common stock outstanding, as of April 14, 2021, and March 31, 2021.
  • It is expecting a net loss per share of $0.34, which includes $0.60 per share of net realized and unrealized losses on RMBS and derivative instruments for the quarter ended March 31, 2021.
  • ORC is expecting a 6% total return on equity for the quarter ended March 31, 2021.

April dividend announcement

On April 14, company also announced a dividend of $0.065 Per Share for April 2021.

March dividend announcement

On March 18, 2021, ORC provided updates about the March dividends and announce a dividend of $0.065 per share will be paid April 28, 2021, to holders of record of the Company’s common stock on March 31, 2021.

closing of an underwritten public offering

On March 6, 2021, Orchid Island Capital closed the underwritten public offering of 9,200,000 shares of its common stock. ORC will get net proceeds of $50.0 million from the offering and will be used for general corporate purposes.

J.P. Morgan was the sole book-running manager for the offering.

Previous financial results

On February 24, 2021, ORC announced financial results for the three months and the year ended December 31, 2020.

Q4, 2020 Financial Highlights

  • For the Q4, 2020, ORC reported a net income of $16.5 million compared with a net income of $18.6 million for the three-month period ended December 31, 2019.
  • Orchid Island Capital had a net interest income of $23.9 million, or $0.34 per common share in Q4, 2020.
  • ORC spent $2.80 million in expenses in Q4 2020 compared to $2.85 million in the third quarter
  • Book value increased by $0.02 per share as net income of $0.23 per share exceeded the dividend distribution of $0.195 per share,

FY 2020 Financial highlights

  • For FY 2020, Orchid reported a net income per share of $0.03.
  • In FY2020, It spent $10.54 million in general and administrative expenses compared to $10.39 million in 2019.
  • OCR book value was $5.46 per share on December 31, 2020

Conclusion

The company provided estimates for Q1, 2021 which were not very attractive for the investors hence its price went down on Wednesday. It can further decline in the coming days.

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