Chimera Investment Corporation’s Review Post Q1 Results

RBC Capital analysts provided a review on Chimera Investment Corporation (NYSE:CIM) post Q1 earnings, released at the start of the month, with diluted EPS coming in at $0.39, above the Street estimate of $0.37. Similar to other mortgage REIT peers, the company reported a significant BVPS (book value per share) decline (14.3% quarter-over-quarter) on rising rates and MBS spread widening.
According to the analysts, housing fundamentals remain supportive of mortgage credit, though the company’s investment strategy could enable it to take advantage of opportunities within agency MBS.
The analysts adjusted their 2022 EPS to $1.43 from $1.53, and their 2023 EPS to $1.41 from $1.53. As a result, their price target was lowered to $11 from $15, while the outperform rating was reiterated.

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