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Benzinga
Benzinga
Business
Ethan Roberts

Dividend Cuts Could Be Right Around The Corner For These 3 REITs

ORC REIT OPI Orchid NYSE NYMT

Orchid Island Capital Corp. (NYSE:ORC) is a finance company that acquires, invests in and offers financing from U.S. residential mortgage-backed securities (MBS). The Florida mortgage real estate investment trust (REIT) initiated an IPO in March 2013 at a price of $14.50. Its monthly dividend of $0.135 returned an approximate annual yield of 11%. 

However, in the last few years, the stock price has floundered, and ORC has reduced its dividend payment several times. Orchid’s price had recently been below $3, with a dividend of $0.045 per month or an annual dividend yield of over 18%. The last three quarters have seen negative earnings per share (EPS) and revenue. Clearly, things have not been going well.

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