Dime Community Bancshares (NASDAQ:DCOM) Announces Quarterly Earnings Results

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) announced its quarterly earnings results on Thursday. The savings and loans company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.01, RTT News reports. Dime Community Bancshares had a return on equity of 6.90% and a net margin of 6.74%. The company had revenue of $109.54 million during the quarter, compared to analyst estimates of $107.08 million. During the same quarter in the previous year, the firm posted $0.37 EPS.

Dime Community Bancshares Stock Performance

DCOM traded down $0.16 during midday trading on Wednesday, reaching $28.49. The company's stock had a trading volume of 70,513 shares, compared to its average volume of 287,487. The company has a fifty day simple moving average of $27.24 and a 200 day simple moving average of $28.08. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.59. Dime Community Bancshares has a twelve month low of $21.53 and a twelve month high of $37.60. The stock has a market cap of $1.25 billion, a P/E ratio of 33.92 and a beta of 1.07.

Dime Community Bancshares Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 17th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend was Thursday, July 17th. Dime Community Bancshares's payout ratio is currently 119.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Dime Community Bancshares from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. Stephens decreased their target price on Dime Community Bancshares from $36.00 to $32.50 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $36.88.

Insider Activity at Dime Community Bancshares

In other Dime Community Bancshares news, Director Raymond A. Nielsen sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $25.58, for a total value of $51,160.00. Following the completion of the sale, the director owned 35,392 shares in the company, valued at approximately $905,327.36. This trade represents a 5.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.10% of the company's stock.

Hedge Funds Weigh In On Dime Community Bancshares

Institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its position in shares of Dime Community Bancshares by 132.3% during the first quarter. AQR Capital Management LLC now owns 169,503 shares of the savings and loans company's stock worth $4,726,000 after buying an additional 96,523 shares during the period. Goldman Sachs Group Inc. boosted its position in Dime Community Bancshares by 5.9% during the first quarter. Goldman Sachs Group Inc. now owns 324,976 shares of the savings and loans company's stock valued at $9,060,000 after purchasing an additional 18,195 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Dime Community Bancshares by 16.5% in the first 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 during the last quarter. Empowered Funds LLC lifted its position in shares of Dime Community Bancshares by 5.4% in the first 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 during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Dime Community Bancshares by 17.1% in the first 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 during the last quarter. Institutional investors own 75.27% of the company's stock.

Dime Community Bancshares Company Profile

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.