Bank of America Corp DE Purchases New Position in Dime Community Bancshares, Inc. $DCOM

Key Points

• Bank of America acquired 236,932 shares of Dime Community Bancshares in the second quarter, valued at approximately $9.6 million and representing about 0.54% of the company. Institutional investors collectively own 75.27% of DCOM.
• Dime Community reported quarterly earnings of $0.79 per share, matching estimates, while revenue of $128.41 million exceeded expectations. Analysts expect full-year EPS of approximately $3.06.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a 2.5% annualized yield; meanwhile, insiders sold 134,595 shares worth about $5.5 million during the last quarter.

Bank of America Corp DE acquired a new position in shares of Dime Community Bancshares, Inc. (NASDAQ:DCOM - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 236,932 shares of the savings and loans company's stock, valued at approximately $9,631,000. Bank of America Corp DE owned approximately 0.54% of Dime Community Bancshares at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hilton Head Capital Partners LLC acquired a new stake in shares of Dime Community Bancshares during the 4th quarter valued at $28,000. Maryland State Retirement & Pension System acquired a new stake in shares of Dime Community Bancshares during the first quarter valued at about $202,000. Odyssean LLC bought a new stake in shares of Dime Community Bancshares during the second quarter worth about $203,000. Amundi bought a new stake in shares of Dime Community Bancshares during the first quarter worth about $228,000. Finally, Pictet Asset Management Holding SA acquired a new position in shares of Dime Community Bancshares in the first quarter valued at approximately $243,000. Institutional investors own 75.27% of the company's stock.

Dime Community Bancshares Stock Up 0.4%

Shares of NASDAQ DCOM opened at $40.37 on Friday. The company has a 50 day simple moving average of $40.55 and a 200 day simple moving average of $38.08. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 1.02. Dime Community Bancshares, Inc. has a 1 year low of $25.63 and a 1 year high of $41.97. The firm has a market cap of $1.78 billion, a PE ratio of 17.10 and a beta of 0.99.

Dime Community Bancshares (NASDAQ:DCOM - Get Free Report) last posted its earnings results on Thursday, July 23rd. The savings and loans company reported $0.79 earnings per share for the quarter, hitting analysts' consensus estimates of $0.79. The firm had revenue of $128.41 million for the quarter, compared to analyst estimates of $123.46 million. Dime Community Bancshares had a net margin of 15.15% and a return on equity of 9.12%. During the same period in the previous year, the firm posted $0.64 EPS. On average, research analysts forecast that Dime Community Bancshares, Inc. will post 3.06 EPS for the current year.

Dime Community Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Friday, October 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, October 16th. This represents a $1.00 annualized dividend and a yield of 2.5%. Dime Community Bancshares's payout ratio is presently 36.10%.

Insider Transactions at Dime Community Bancshares

In other news, Director Raymond A. Nielsen sold 1,800 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $41.73, for a total transaction of $75,114.00. Following the completion of the transaction, the director directly owned 32,400 shares in the company, valued at $1,352,052. This trade represents a 5.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Basswood Capital Management, L sold 7,170 shares of Dime Community Bancshares stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $41.40, for a total value of $296,838.00. Following the completion of the transaction, the director directly owned 6,099 shares in the company, valued at approximately $252,498.60. This represents a 54.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 134,595 shares of company stock worth $5,506,229 in the last quarter. Corporate insiders own 7.40% of the company's stock.

About Dime Community Bancshares

Dime Community Bancshares, Inc is the holding company for Dime Community Bank, a commercial bank serving businesses, homeowners and consumers in the New York metropolitan area. The company is headquartered in Hauppauge, New York, and operates branches primarily across Long Island and in the boroughs of Brooklyn and Queens.

Dime Community Bank provides deposit accounts, commercial and residential real estate lending, commercial and industrial loans, consumer lending, cash-management services and other banking products.

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