Stock Repurchase Plan Declared by Bimini Capital Management (OTCMKTS:BMNM) Board

Bimini Capital Management (OTCMKTS:BMNM) declared that its Board of Directors has initiated a share buyback plan on Thursday, March 12th, RTT News reports. The company plans to buyback $2.50 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Bimini Capital Management Trading Down 9.6%

OTCMKTS:BMNM opened at $3.11 on Friday. Bimini Capital Management has a 12 month low of $0.60 and a 12 month high of $3.89. The firm has a fifty day simple moving average of $3.23 and a 200-day simple moving average of $2.14. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.96. The company has a market capitalization of $31.32 million, a P/E ratio of 34.56 and a beta of 0.05.

Bimini Capital Management Company Profile

Bimini Capital Management, Inc, through its subsidiaries, operates as a specialty finance company in the United States. The company operates in two segments, Asset Management and Investment Portfolio. The Asset Management segment includes investment advisory services by Bimini Advisors to Orchid Island Capital, Inc and Royal Palm Capital, LLC. The Investment Portfolio segment engages in investment activities conducted by Royal Palm Capital, LLC. It invests in residential mortgage-backed securities.