Chimera Investment Corporation (CIM) Rating Lowered to Sell at Zacks Investment Research

Chimera Investment Corporation (NYSE:CIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.

According to Zacks, “Chimera Investment Corporation is a publicly traded real estate investment trust, or REIT, that is primarily engaged in real estate finance. It invests, either directly or indirectly through its subsidiaries, in RMBS, residential mortgage loans, Agency CMBS, commercial mortgage loans, real estate-related securities and various other asset classes. The company has elected and is organized and has operated in a manner that enables it to be taxed as a REIT under the Internal Revenue Code. “

A number of other research analysts also recently weighed in on CIM. Deutsche Bank AG upped their price target on Chimera Investment Corporation from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Thursday. BidaskClub raised Chimera Investment Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Barclays PLC set a $17.00 price target on Chimera Investment Corporation and gave the stock a “hold” rating in a research note on Monday, May 8th. Finally, ValuEngine raised Chimera Investment Corporation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $18.17.

Chimera Investment Corporation (CIM) traded up 0.69% on Friday, hitting $18.84. The company had a trading volume of 966,407 shares. The company has a market capitalization of $3.54 billion, a P/E ratio of 5.42 and a beta of 0.94. The stock’s 50-day moving average price is $18.91 and its 200 day moving average price is $19.00. Chimera Investment Corporation has a one year low of $14.70 and a one year high of $20.90.

Chimera Investment Corporation (NYSE:CIM) last posted its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by $0.03. Chimera Investment Corporation had a return on equity of 14.66% and a net margin of 63.94%. The firm had revenue of $150.70 million for the quarter, compared to analyst estimates of $149.75 million. During the same period last year, the company posted $0.51 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, analysts expect that Chimera Investment Corporation will post $2.34 EPS for the current fiscal year.

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Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Chimera Investment Corporation by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,556,082 shares of the real estate investment trust’s stock worth $293,741,000 after buying an additional 658,674 shares in the last quarter. BlackRock Inc. raised its stake in shares of Chimera Investment Corporation by 14,286.5% in the first quarter. BlackRock Inc. now owns 11,273,292 shares of the real estate investment trust’s stock worth $227,494,000 after buying an additional 11,194,932 shares in the last quarter. State Street Corp raised its stake in shares of Chimera Investment Corporation by 0.9% in the first quarter. State Street Corp now owns 2,830,584 shares of the real estate investment trust’s stock worth $57,124,000 after buying an additional 26,010 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Chimera Investment Corporation by 5.2% in the first quarter. Geode Capital Management LLC now owns 2,598,005 shares of the real estate investment trust’s stock worth $52,427,000 after buying an additional 129,234 shares in the last quarter. Finally, LSV Asset Management raised its stake in shares of Chimera Investment Corporation by 49.6% in the first quarter. LSV Asset Management now owns 2,247,147 shares of the real estate investment trust’s stock worth $45,347,000 after buying an additional 744,848 shares in the last quarter. 55.30% of the stock is owned by hedge funds and other institutional investors.

About Chimera Investment Corporation

Chimera Investment Corporation is a real estate investment trust (REIT). The company is engaged in the business of investing in a portfolio of mortgage assets, including agency residential mortgage-backed security (RMBS), non-agency RMBS, agency commercial mortgage-backed securities (CMBS), residential mortgage loans and real estate related securities.

Analyst Recommendations for Chimera Investment Corporation (NYSE:CIM)

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