Chimera Investment Corp. Gets Buy Rating (CIM)

In a recently released report on Chimera Investment Corp. CIM, Jefferies & Company, has stated that the company has improved its performance in mortgage credit, although its delinquency performance for the month of June is at the same level of the previous six months. The voluntary prepayment rate on the company’s re-REMIC subordinate portfolio increased 92 bps M/M to reach 6.37%. The company stock has been valued at $4.25 which is a 1.2x multiple of the estimated NTM book value. The price target also represents 16% yield to the estimated NTM dividend of $0.68 per share. Chimera Investment Corp. (CIM) has been conferred a “Buy” rating at Jefferies.