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Chimera Investment Corporation (NYSE:CIM) (the "Company" or "Chimera") announced today that its Board of Directors declared the second quarter common stock dividend. The Company also announced an increase in the amount authorized under its common stock repurchase program.
2nd Quarter Common Stock Dividend Announcement
The Board of Directors of the Company announced the declaration of a second quarter 2023 cash dividend of $0.18 per share of common stock. This dividend is payable July 31, 2023 to common stockholders of record on June 30, 2023. The ex- dividend date is June 29, 2023.
"Today's dividend cut brings our dividend more in line with our expected earnings performance over the medium term," said Mr. Kardis, CEO of Chimera. "We believe the stock price does not reflect the strength of our portfolio. Accordingly, our Board has approved an increase in our stock buyback plan from $177 million to $250 million."
Increase in Common Stock Repurchase Program
The Board of Directors of the Company has authorized an increase in the amount authorized under the Company's common stock repurchase program. As of March 31, 2023, $177 million in aggregate amount of common stock remained available for repurchase under the program. Following the Board's action, the aggregate amount of common stock available for repurchase under the program is $250 million.
Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The Company intends to only consider repurchasing shares of our common stock when the purchase price is less than the last publicly reported book value per common share. The authorization does not obligate the Company to acquire any particular amount of common shares and the program may be suspended or discontinued at the Company's discretion without prior notice.
Posted In: CIM
