Dime Community Bancshares, Inc. $DCOM Shares Sold by Penn Capital Management Company LLC

Key Points

• Penn Capital Management reduced its Dime Community Bancshares stake by 7.7% in the second quarter, selling 46,977 shares and retaining 562,511 shares valued at approximately $22.9 million.
• Other institutional investors, including Basswood Capital Management and Bank of America, established or increased positions, while institutions collectively own 75.27% of Dime Community Bancshares. Insiders, however, sold 211,748 shares worth $8.5 million over the past 90 days.
• Dime reported quarterly earnings of $0.79 per share, matching estimates, on revenue of $128.4 million, exceeding expectations. The company also maintains a quarterly dividend of $0.25 per share, representing a 2.5% annualized yield.

Penn Capital Management Company LLC decreased its position in Dime Community Bancshares, Inc. (NASDAQ:DCOM - Free Report) by 7.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 562,511 shares of the savings and loans company's stock after selling 46,977 shares during the period. Dime Community Bancshares comprises 1.5% of Penn Capital Management Company LLC's investment portfolio, making the stock its 19th biggest position. Penn Capital Management Company LLC owned approximately 1.27% of Dime Community Bancshares worth $22,910,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new stake in shares of Dime Community Bancshares during the 2nd quarter worth about $8,149,000. Bank of America Corp DE purchased a new position in shares of Dime Community Bancshares in the 2nd quarter valued at about $9,631,000. Basswood Capital Management L.L.C. purchased a new position in shares of Dime Community Bancshares in the 2nd quarter valued at about $79,106,000. Odyssean LLC acquired a new position in Dime Community Bancshares in the 2nd quarter worth about $203,000. Finally, Jupiter Topco LLC acquired a new position in Dime Community Bancshares in the 2nd quarter worth about $796,000. Hedge funds and other institutional investors own 75.27% of the company's stock.

Insiders Place Their Bets

In related news, Director Basswood Capital Management, L sold 7,170 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $41.40, for a total transaction of $296,838.00. Following the completion of the sale, the director directly owned 6,099 shares of the company's stock, valued at approximately $252,498.60. This trade represents a 54.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Raymond A. Nielsen sold 1,800 shares of the business's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $41.73, for a total transaction of $75,114.00. Following the completion of the sale, the director owned 32,400 shares in the company, valued at approximately $1,352,052. This trade represents a 5.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 211,748 shares of company stock worth $8,546,780 in the last 90 days. Company insiders own 7.40% of the company's stock.

Dime Community Bancshares Price Performance

Shares of NASDAQ DCOM opened at $40.53 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a fifty day moving average of $40.33 and a 200 day moving average of $37.16. The firm has a market cap of $1.79 billion, a PE ratio of 17.17 and a beta of 0.99. Dime Community Bancshares, Inc. has a one year low of $25.63 and a one year high of $41.97.

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

Dime Community Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 17th were given a $0.25 dividend. The ex-dividend date was Friday, July 17th. This represents a $1.00 dividend on an annualized basis and a yield of 2.5%. Dime Community Bancshares's payout ratio is currently 36.10%.

About Dime Community Bancshares

Dime Community Bancshares, Inc is the bank holding company for Dime Community Bank, headquartered in Hauppauge, New York. Through its subsidiary, the company offers a comprehensive suite of banking and financial services to both individual and commercial customers. With a network of branches spanning the New York metropolitan area and South Florida, Dime Community Bancshares emphasizes relationship banking and local decision-making.

The company's core lending activities include commercial and multifamily real estate loans, construction and land development financing, and one-to-four-family residential mortgage lending.

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