Jack Lee Macdowell Jr, the Chief Investment Officer of Chimera Investment Corp (NYSE:CIM), recently acquired a significant amount of the company's common stock, according to a recent SEC filing. The timing appears strategic, as InvestingPro analysis indicates the company is currently trading at an attractive P/E ratio of 4.4 and offers a substantial 10% dividend yield. Macdowell purchased a total of 100,000 shares over two transactions. The shares were bought at weighted average prices ranging from $14.65 to $14.99, amounting to a total investment of approximately $1.48 million.
The first transaction took place on December 6, where Macdowell acquired 50,000 shares at an average price of $14.70. The second transaction occurred on December 9, with another 50,000 shares purchased at an average price of $14.91. Following these acquisitions, Macdowell now directly owns 100,000 shares of Chimera Investment Corp.
In other recent news, Chimera Investment Corporation continues to make significant strides. The company recently announced a GAAP net income of $113.7 million for the third quarter, which translates to $1.39 per share. This robust financial performance is further enhanced by an economic return on GAAP book value of 6.8% for the quarter.
Chimera also revealed the appointment of financial industry veteran Cynthia B. Walsh to its Board of Directors. Walsh's extensive experience includes leadership roles at Walsh Advisors and National Bond and Trust, and her appointment aligns with Chimera's commitment to board diversity.
In terms of strategic growth, Chimera announced the acquisition of the Palisades Group, a move projected to increase the company's combined loan and real estate management to over $30 billion. The company is also exploring new opportunities in home equity lending and non-agency securities, aiming for double-digit returns.
These recent developments reflect Chimera's ongoing efforts to enhance operational performance and shareholder returns. The company's management is considering resecuritizing callable debt, a strategy that could potentially increase dividends and improve portfolio returns.
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