Chimera's (CIM) 10-K Mostly In-Line; 60+ Days Outstanding Bucket Improves

Jefferies is comenting on Chimera Investment Corp. (NYSE: CIM) following the filing of its 10-K on March 8, 2013. The firm noted that, "credit and cash flow performance on Chimera's subordinate re-REMIC were mostly in line with the prior month's performance. To this point, total cash yield increased 6bps M/M to 6.30% while 30-day DQs increased 14bps M/M to 3.16%. The 60+ DQ bucket continues to improve." The restated financial statements indicated a cumulative reduction of over $600M to GAAP net income but no changes to book value or taxable income," noted the firm. "We see the shares as within fair value range given where we believe the Street has assessed book value ($3.10-$3.40)." Jefferies noted that its estimates and price target are not current. The firm maintains a Hold rating on Chimera. For an analyst ratings summary and ratings history on Chimera Investment Corp click here. For more ratings news on Chimera Investment Corp click here. Shares of Chimera Investment Corp closed at $3.21 yesterday, with a 52 week range of $1.81-$3.34.

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