CHIMERA INVT CO/SH NEW (NYSE:CIM) Upgraded by Zacks Investment Research to Buy

CHIMERA INVT CO/SH NEW (NYSE:CIM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The brokerage presently has a $10.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.65% from the company’s current price.

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. “

Other research analysts have also issued reports about the stock. Royal Bank of Canada dropped their price objective on shares of CHIMERA INVT CO/SH NEW from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, August 14th. Raymond James reaffirmed a “hold” rating on shares of CHIMERA INVT CO/SH NEW in a research note on Friday, August 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. CHIMERA INVT CO/SH NEW currently has a consensus rating of “Hold” and an average target price of $10.25.

Shares of CIM traded up $0.18 during trading hours on Wednesday, hitting $9.12. 5,122,160 shares of the stock were exchanged, compared to its average volume of 4,524,716. CHIMERA INVT CO/SH NEW has a fifty-two week low of $6.42 and a fifty-two week high of $22.99. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.07 and a quick ratio of 0.07. The business has a 50-day moving average of $8.83 and a 200-day moving average of $9.91. The firm has a market capitalization of $2.12 billion, a P/E ratio of -6.61 and a beta of 0.86.

CHIMERA INVT CO/SH NEW (NYSE:CIM) last posted its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. CHIMERA INVT CO/SH NEW had a negative net margin of 17.05% and a positive return on equity of 11.88%. During the same period in the previous year, the business earned $0.53 earnings per share. As a group, analysts forecast that CHIMERA INVT CO/SH NEW will post 1.56 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. increased its holdings in CHIMERA INVT CO/SH NEW by 35.8% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 58,075 shares of the real estate investment trust’s stock worth $558,000 after buying an additional 15,308 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in CHIMERA INVT CO/SH NEW by 393.1% during the first quarter. BNP Paribas Arbitrage SA now owns 178,961 shares of the real estate investment trust’s stock worth $1,629,000 after buying an additional 142,668 shares during the last quarter. State Street Corp increased its stake in shares of CHIMERA INVT CO/SH NEW by 10.0% in the first quarter. State Street Corp now owns 3,608,282 shares of the real estate investment trust’s stock worth $34,587,000 after purchasing an additional 329,268 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of CHIMERA INVT CO/SH NEW by 29.6% in the first quarter. Principal Financial Group Inc. now owns 20,878 shares of the real estate investment trust’s stock worth $190,000 after purchasing an additional 4,766 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of CHIMERA INVT CO/SH NEW in the second quarter worth about $1,114,000. 50.28% of the stock is currently owned by institutional investors.

About CHIMERA INVT CO/SH NEW

Chimera Investment Corporation operates as a real estate investment trust in the United States. The company, through its subsidiaries, invests in a portfolio of mortgage assets, including residential mortgage loans, agency and non-agency residential mortgage-backed securities, agency mortgage-backed securities secured by pools of commercial mortgage loans, commercial mortgage loans, and other real estate related securities.

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