Orchid Island Capital Board Authorizes $166M Additional Share Buyback
ORC is trading near its 52-week low of $6.415 (3.8% above the low).
Summary
Orchid Island Capital's board has approved an additional 25 million shares for its stock repurchase program. Based on the current share price of $6.66, this authorization represents approximately $166.5 million. This significant buyback, which is roughly 12.5% of the company's market cap, comes after the company reported a net loss and a dividend cut in Q1 2026. The move signals strong board confidence and could provide support for the stock, which is currently trading near its 52-week low.
At the time of this announcement, ORC was trading at $6.66 on NYSE in the Finance sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $6.42 to $8.40. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.