Chimera Investment Corporation $CIM Stock Position Increased by State Street Corp

Key Points

• Institutional ownership increased: State Street raised its Chimera Investment stake by 7.8% to 2.03 million shares, while BlackRock and several other investors also expanded their positions. Institutional investors collectively own 48.44% of the company.
• Shares and earnings weakened: CIM opened at $10.38, down 3.4%, near its one-year low of $10.38. The REIT reported quarterly EPS of $0.46, missing the $0.54 consensus estimate, and revenue of $94.77 million versus $95.30 million expected.
• High dividend, cautious analyst outlook: Chimera declared a quarterly dividend of $0.45 per share, representing a 17.3% annualized yield. Analysts have a consensus “Hold” rating with an average $14.50 price target, while one firm downgraded the stock to “Sell.”

State Street Corp raised its stake in shares of Chimera Investment Corporation (NYSE:CIM - Free Report) by 7.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,029,275 shares of the real estate investment trust's stock after purchasing an additional 147,629 shares during the period. State Street Corp owned 2.42% of Chimera Investment worth $27,957,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Chimera Investment by 9.5% in the 2nd quarter. BlackRock Inc. now owns 7,855,125 shares of the real estate investment trust's stock valued at $104,787,000 after purchasing an additional 681,996 shares during the last quarter. Thornburg Investment Management Inc. lifted its stake in shares of Chimera Investment by 5.0% during the 4th quarter. Thornburg Investment Management Inc. now owns 5,268,481 shares of the real estate investment trust's stock worth $65,487,000 after purchasing an additional 249,127 shares during the last quarter. First Trust Advisors LP boosted its stake in Chimera Investment by 82.0% in the first quarter. First Trust Advisors LP now owns 543,101 shares of the real estate investment trust's stock valued at $6,816,000 after acquiring an additional 244,763 shares in the last quarter. Mariner Investment Group LLC grew its stake in Chimera Investment by 152.2% during the 4th quarter. Mariner Investment Group LLC now owns 290,000 shares of the real estate investment trust's stock worth $3,605,000 after buying an additional 175,000 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Chimera Investment by 6.9% during the second quarter. Allianz Asset Management GmbH now owns 2,274,507 shares of the real estate investment trust's stock worth $30,342,000 after buying an additional 147,119 shares during the period. Hedge funds and other institutional investors own 48.44% of the company's stock.

Chimera Investment Stock Down 3.4%

Shares of NYSE CIM opened at $10.38 on Friday. The company has a market capitalization of $869.33 million, a P/E ratio of -10.18 and a beta of 1.66. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.07 and a quick ratio of 0.07. The company has a 50 day simple moving average of $11.76 and a 200-day simple moving average of $12.73. Chimera Investment Corporation has a 1 year low of $10.38 and a 1 year high of $14.18.

Chimera Investment (NYSE:CIM - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.08). The business had revenue of $94.77 million during the quarter, compared to analyst estimates of $95.30 million. Chimera Investment had a net margin of 0.14% and a return on equity of 9.82%.

Chimera Investment Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.80 annualized dividend and a yield of 17.3%. Chimera Investment's dividend payout ratio is presently -176.47%.

Analysts Set New Price Targets

Several research analysts recently weighed in on CIM shares. Weiss Ratings cut Chimera Investment from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, September 18th. Keefe, Bruyette & Woods reduced their price target on Chimera Investment from $15.00 to $14.00 and set a "market perform" rating for the company in a report on Thursday, August 6th. Wall Street Zen upgraded Chimera Investment from a "sell" rating to a "hold" rating in a research report on Sunday, June 28th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $14.00 target price on shares of Chimera Investment in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Chimera Investment presently has a consensus rating of "Hold" and an average target price of $14.50.

About Chimera Investment

Chimera Investment Corporation is a real estate investment trust that invests in residential mortgage assets. The company's portfolio has historically included residential mortgage-backed securities, residential mortgage loans and other mortgage-related investments, including both agency and non-agency assets.

Chimera seeks to generate income from the interest and cash flows associated with its investments. Its activities are primarily focused on the U.S. residential housing and mortgage markets, and the company may invest in assets with different levels of credit and prepayment risk.

Founded in 2007, Chimera is externally managed and has operated as a mortgage-focused REIT.

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