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Avinash Reddy, the Senior Executive Vice President and Chief Financial Officer of Dime Community Bancshares, Inc. (NASDAQ:DCOM), a $1.25 billion market cap regional bank currently trading near InvestingPro’s Fair Value estimate, recently executed a series of transactions involving the company’s preferred stock. The bank, known for maintaining dividend payments for 29 consecutive years with a current yield of 3.48%, continues to attract investor attention. According to a recent filing, Reddy purchased 500 shares of the Preferred Stock, Series A, at a price of $19.3559 per share, totaling approximately $9,677. On the same day, he sold an equal number of shares at a slightly higher price of $19.375 per share, resulting in a total sale value of $9,687.
Following these transactions, Reddy’s direct ownership of Preferred Stock, Series A, stands at 5,730 shares. Additionally, he holds 43,598 shares of the company’s common stock. These transactions are part of routine filings that provide transparency into the trading activities of company insiders.
In other recent news, Dime Community Bancshares reported its fourth-quarter 2024 earnings, revealing a substantial revenue increase but a slight miss on earnings per share (EPS). The company’s revenue reached $99.48 million, significantly exceeding the forecast of $67.92 million, while EPS came in at $0.42, falling short of the expected $0.44. Despite the revenue success, the EPS miss appeared to concern investors. Additionally, Dime Community highlighted strong growth in core deposits, which increased by approximately $500 million, and an expansion of its net interest margin by 29 basis points.
Dime Community is projecting non-interest income between $40 million and $42 million for 2025, with expectations of low single-digit loan growth. The company aims to achieve a net interest margin of 3% in 2025, with potential for further expansion in 2026. Analyst discussions during the earnings call included inquiries about deposit rate strategies and loan repricing opportunities, with Dime Community executives addressing potential credit quality concerns.
Looking ahead, CEO Stu Zulubo expressed confidence in the company’s financial strategy, emphasizing the benefits of gradual interest rate cuts. CFO Avi (JO:AVIJ) Reddy noted that the repositioning of securities and bank-owned life insurance portfolios was completed, contributing to the company’s financial outlook. Despite potential credit quality issues and increased competition in the commercial real estate market, Dime Community remains focused on its growth strategy and maintaining its competitive edge in the banking sector.
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