Dime Community Bancshares (NASDAQ:DCOM) Shares Gap Down on Disappointing Earnings

Dime Community Bancshares, Inc. (NASDAQ:DCOM)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $29.21, but opened at $28.50. Dime Community Bancshares shares last traded at $29.21, with a volume of 10,436 shares.

The savings and loans company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.12). Dime Community Bancshares had a net margin of 9.98% and a return on equity of 6.58%. The firm had revenue of $171.87 million for the quarter, compared to analysts’ expectations of $86.65 million. During the same period last year, the firm earned $0.56 earnings per share.

Dime Community Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 24th. Stockholders of record on Thursday, October 17th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Thursday, October 17th. Dime Community Bancshares’s dividend payout ratio (DPR) is presently 56.18%.

Analyst Ratings Changes

A number of brokerages have issued reports on DCOM. Piper Sandler downgraded Dime Community Bancshares from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $23.00 to $26.00 in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods upped their target price on Dime Community Bancshares from $25.50 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Raymond James lifted their price target on shares of Dime Community Bancshares from $35.00 to $36.00 and gave the company a “strong-buy” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com downgraded shares of Dime Community Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, September 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Dime Community Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.

Institutional Investors Weigh In On Dime Community Bancshares

Large investors have recently made changes to their positions in the stock. Stieven Capital Advisors L.P. purchased a new position in Dime Community Bancshares during the first quarter worth approximately $4,702,000. The Manufacturers Life Insurance Company raised its holdings in shares of Dime Community Bancshares by 1,546.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 217,719 shares of the savings and loans company’s stock worth $4,441,000 after acquiring an additional 204,493 shares during the period. First Eagle Investment Management LLC boosted its position in shares of Dime Community Bancshares by 33.9% during the 2nd quarter. First Eagle Investment Management LLC now owns 488,554 shares of the savings and loans company’s stock valued at $9,967,000 after acquiring an additional 123,800 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Dime Community Bancshares by 13.9% in the second quarter. American Century Companies Inc. now owns 635,265 shares of the savings and loans company’s stock valued at $12,959,000 after purchasing an additional 77,284 shares during the period. Finally, Foundry Partners LLC increased its position in Dime Community Bancshares by 31.0% during the first quarter. Foundry Partners LLC now owns 205,409 shares of the savings and loans company’s stock worth $3,956,000 after purchasing an additional 48,619 shares during the last quarter. 75.27% of the stock is currently owned by hedge funds and other institutional investors.

Dime Community Bancshares Stock Up 3.3 %

The company has a debt-to-equity ratio of 0.79, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $1.17 billion, a PE ratio of 16.93 and a beta of 1.00. The business’s 50 day simple moving average is $27.01 and its 200 day simple moving average is $22.58.

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.