Dime Community Bancshares (NASDAQ:DCOM) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Dime Community Bancshares reported a quarterly EPS of $0.64, exceeding the consensus estimate of $0.63 by $0.01 and achieving revenue of $109.54 million against an expected $107.08 million.
• The company recently decreased its quarterly dividend to $0.25 per share, resulting in an annualized dividend of $1.00, with a payout ratio currently at 119.05%.
• Brokerage ratings for Dime Community Bancshares are mixed, with one strong buy, three buy, and one hold, while the average price target is set at $36.88.

Dime Community Bancshares (NASDAQ:DCOM - Get Free Report) issued its earnings results on Thursday. The savings and loans company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.63 by $0.01, RTT News reports. Dime Community Bancshares had a net margin of 6.74% and a return on equity of 6.90%. The company had revenue of $109.54 million for the quarter, compared to the consensus estimate of $107.08 million. During the same period in the previous year, the firm earned $0.37 earnings per share.

Dime Community Bancshares Stock Up 0.2%

Shares of Dime Community Bancshares stock opened at $28.34 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.59. The company's fifty day simple moving average is $27.15 and its two-hundred day simple moving average is $28.12. The company has a market cap of $1.24 billion, a P/E ratio of 33.74 and a beta of 1.07. Dime Community Bancshares has a 12-month low of $21.53 and a 12-month high of $37.60.

Dime Community Bancshares Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 17th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date was Thursday, July 17th. Dime Community Bancshares's payout ratio is currently 119.05%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on DCOM. Stephens decreased their target price on shares of Dime Community Bancshares from $36.00 to $32.50 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen raised shares of Dime Community Bancshares from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $36.88.

Insider Activity at Dime Community Bancshares

In other news, Director Raymond A. Nielsen sold 2,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $25.58, for a total transaction of $51,160.00. Following the sale, the director owned 35,392 shares in the company, valued at approximately $905,327.36. The trade was a 5.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 7.10% of the company's stock.

Institutional Trading of Dime Community Bancshares

A number of hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its holdings in shares of Dime Community Bancshares by 5.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 324,976 shares of the savings and loans company's stock valued at $9,060,000 after buying an additional 18,195 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Dime Community Bancshares by 132.3% during the 1st quarter. AQR Capital Management LLC now owns 169,503 shares of the savings and loans company's stock valued at $4,726,000 after buying an additional 96,523 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Dime Community Bancshares by 5.4% during the 1st quarter. Empowered Funds LLC now owns 82,084 shares of the savings and loans company's stock valued at $2,289,000 after buying an additional 4,231 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Dime Community Bancshares by 16.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 81,273 shares of the savings and loans company's stock valued at $2,266,000 after buying an additional 11,512 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Dime Community Bancshares by 17.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,621 shares of the savings and loans company's stock valued at $659,000 after buying an additional 3,443 shares in the last quarter. Institutional investors own 75.27% of the company's stock.

About Dime Community Bancshares

Dime Community Bancshares, Inc operates as the holding company for Dime Community Bank that engages in the provision of various commercial banking and financial services. The company accepts time, savings, and demand deposits from the businesses, consumers, and local municipalities. It also offers commercial real estate loans; multi-family mortgage loans; residential mortgage loans; letters of credit; secured and unsecured commercial and consumer loans; lines of credit; home equity loans; and construction and land loans.

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