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Raymond James Slashes Banks Ahead of Summer of Doom

Dime Community Bancshares
Polini lowered his rating for Dime Community Bancshares (DCOM) of Brooklyn, N.Y., to "Underperform" from "Market Perform," while leaving his 2012 EPS estimate of $1.20 and his 2013 EPS estimate of $1.15, unchanged.

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Dime's shares closed at $12.68 Tuesday, returning 3% year-to-date, after declining 10% during 2011. The shares trade for 1.4 times their reported March 31 tangible book value of $9.15, and for 11 times the consensus 2013 earnings estimate of $1.19. The consensus 2012 EPS estimate is $1.20.

Polini said that Dime's "superior credit quality and balance sheet strength will likely take a back seat to a relatively weak outlook for EPS growth and a relatively high valuation."

Based on a 14-cent quarterly payout, the shares have a dividend yield of 4.42%. Dime Community Bancshares was featured on Wednesday as one of five buy-rated bank stocks with attractive dividends that were relatively safe, with the companies paying out less than half of their first-quarter earnings.

Interested in more on Dime Community Bancshares? See TheStreet Ratings' report card for this stock.
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