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MARKETS LIVE BLOG:

STOCKS PULL BACK AS INVESTORS WATCH FOR CUES

Rivian stock soars after Volkswagen says it'll invest up to US$5 billion in JV

Chimera (CIM) Stock Jumps 7.5%: Will It Continue to Soar?

Zacks Equity Research
·2 min read

Chimera Investment CIM shares ended the last trading session 7.5% higher at $12.83. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.8% loss over the past four weeks.

The increased optimism in the stock can be attributed to its recent announcement of a dividend hike. Chimera’s board of directors announced a cash dividend of 35 cents per share on its common stock for the second quarter of 2024, indicating an increase of 6.1% from the prior quarter. The dividend will be paid out on Jul 31 to shareholders on record as of Jun 28, 2024.

This mortgage investor is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of -5.6%. Revenues are expected to be $66.5 million, up 1.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Chimera, the consensus EPS estimate for the quarter has been revised 25.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CIM going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Chimera is a member of the Zacks REIT and Equity Trust industry. One other stock in the same industry, Starwood Property Trust STWD, finished the last trading session 0.8% higher at $19.25. STWD has returned -7.4% over the past month.

For Starwood Property Trust , the consensus EPS estimate for the upcoming report has changed -2.3% over the past month to $0.48. This represents a change of -2% from what the company reported a year ago. Starwood Property Trust currently has a Zacks Rank of #3 (Hold).

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Chimera Investment Corporation (CIM) : Free Stock Analysis Report

STARWOOD PROPERTY TRUST, INC. (STWD) : Free Stock Analysis Report

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Zacks Investment Research