Dime shares tumble, net interst income and margin miss

Dime Commercial Bancshares

27/01/2023 20:34

** Shares in Dime Community Bancshares  DCOM.O  down 8.4% on
track for biggest one-day pct drop since April 2022 after some
disappointments in quarterly report earlier on Friday
    ** DCOM reported adj. EPS of $0.99 vs Wall Street
expectations of $1.00 while rev. Of $106.27 mln compared with
analyst expectations for $102.42, according to Refinitiv, which
shows five analysts covering the company
    ** However, net interest income of $96.80 mln missed Street
expectations for $102.42 mln, while its net interest margin of
3.14% compared with consensus view of 3.4%
    ** Stock last traded at $29.71 vs median PT of $38 with 4
'buy' ratings and 1 'hold' at low of the stock stock had hit
$29.16 
    ** Piper Sandler analyst Mark Fitzgibbon cut his price
target for the stock by a $1 to $36 and said that while NIM
compressed more than expected and expenses were higher than
expected fees were better than expected.  
    ** Still Fitzgibbon described the results as solid: "Their
results looked shockingly like just about every other bank that
has reported thus far."
 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com;))