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Chimera Investment Corp. (CIM)
NYSE:CIM
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Earnings Data
Report Date
Feb 12, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.36Last Year’s EPS
$0.39Same Quarter Last Year
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: -3.75%
|Next Earnings Date:Feb 12, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted several positive developments for Chimera, including a favorable interest rate outlook, robust housing market conditions, and strategic expansion through the acquisition of Palisades Group. These factors outweigh concerns about interest rate volatility and the erosion of book value gains, contributing to a positive outlook.Company Guidance
During Chimera Investment Corporation's third quarter 2024 earnings call, several key metrics and strategic updates were discussed. The Federal Reserve cut the funds rate by 50 basis points in September, with guidance for another 50 basis point reduction by year-end. U.S. treasury yields ended the quarter lower, indicating a steeper yield curve. Home prices increased by approximately 5% year-over-year, while non-Agency RMBS issuances for 2024 were projected to reach $100 billion, a 40% increase from 2023. Chimera's financials showed a GAAP net income of $113.7 million, or $1.39 per share, with a GAAP book value of $22.35 per share. The economic return on GAAP book value was 6.8% for the quarter. The company completed a $468 million securitization and issued $75 million of unsecured notes. Total leverage was 3.9:1, with $648 million in cash and unencumbered assets. Additionally, Chimera announced the acquisition of the Palisades Group, enhancing its capabilities in residential mortgage credit and establishing a new fee-based asset management service.Federal Reserve Rate Cuts
The Federal Reserve cut the funds rate by 50 basis points in September and provided guidance for another 50 basis point reduction by year-end, leading to expectations of a more favorable interest rate environment.
Strong Housing Market and Investor Demand
Home prices increased by approximately 5% year-over-year, and investor demand for mortgage credit securities remains strong with Non-Agency RMBS issuances for 2024 potentially reaching $100 billion, 40% greater than in 2023.
Palisades Group Acquisition
Chimera signed a definitive agreement to acquire Palisades Group, an alternative asset manager, expected to close in Q4 2024, which will enhance Chimera's capabilities and is anticipated to be accretive in 2025.
Increased Dividend
Chimera increased its quarterly dividend by 12% over the past two quarters, reflecting confidence in its business strategy and financial position.
Economic Return on Book Value
Economic return on GAAP book value was 6.8% for the third quarter and 15.6% year-to-date 2024, indicating robust financial performance.
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CIM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CIM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $14.94 | $14.94 | 0.00% |
| Aug 07, 2024 | $13.34 | $14.28 | +7.05% |
| May 09, 2024 | $12.09 | $13.43 | +11.08% |
| Feb 14, 2024 | $12.54 | $11.74 | -6.38% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Chimera Investment Corp. (CIM) report earnings?
Chimera Investment Corp. (CIM) is schdueled to report earning on Feb 12, 2025, TBA Not Confirmed.
What is Chimera Investment Corp. (CIM) earnings time?
Chimera Investment Corp. (CIM) earnings time is at Feb 12, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CIM EPS forecast?
CIM EPS forecast for the fiscal quarter 2024 (Q4) is $0.36.
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