Dime Community Bancshares (NASDAQ:DCOM) Reaches New 1-Year High – Here’s What Happened

Dime Community Bancshares, Inc. (NASDAQ:DCOM) hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $44.23 and last traded at $43.13, with a volume of 15,348 shares trading hands. The stock had previously closed at $42.22.

Analyst Ratings Changes

DCOM has been the subject of several research reports. DA Davidson set a $50.00 price objective on shares of Dime Community Bancshares in a report on Thursday, October 22nd. Piper Sandler restated an “overweight” rating and issued a $47.00 target price (up from $45.00) on shares of Dime Community Bancshares in a report on Wednesday, October 21st. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Dime Community Bancshares from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 21st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Dime Community Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $45.50.

Dime Community Bancshares Stock Performance

The business has a fifty day simple moving average of $40.50 and a two-hundred day simple moving average of $37.73. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.57. The company has a market cap of $1.86 billion, a P/E ratio of 17.98 and a beta of 0.98.

Dime Community Bancshares (NASDAQ:DCOM) last released its quarterly earnings results on Tuesday, October 20th. The savings and loans company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. Dime Community Bancshares had a return on equity of 9.12% and a net margin of 15.15%. The business had revenue of $135.35 million during the quarter, compared to the consensus estimate of $131.16 million. During the same period in the previous year, the company posted $0.59 EPS. On average, sell-side analysts anticipate that Dime Community Bancshares, Inc. will post 3.06 EPS for the current year.

Dime Community Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Friday, October 16th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, October 16th. Dime Community Bancshares’s payout ratio is 32.47%.

Insider Buying and Selling at Dime Community Bancshares

In other Dime Community Bancshares news, CTO Michael Fegan sold 2,355 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $41.81, for a total transaction of $98,462.55. Following the completion of the sale, the chief technology officer directly owned 25,618 shares of the company’s stock, valued at approximately $1,071,088.58. This represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Basswood Capital Management, L sold 29,732 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $42.72, for a total transaction of $1,270,151.04. Following the completion of the transaction, the director owned 1,531 shares in the company, valued at $65,404.32. The trade was a 95.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 255,974 shares of company stock valued at $10,762,634 in the last ninety days. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Dime Community Bancshares

Institutional investors have recently bought and sold shares of the stock. Benjamin Edwards Inc. lifted its holdings in Dime Community Bancshares by 2.5% during the second quarter. Benjamin Edwards Inc. now owns 17,519 shares of the savings and loans company’s stock valued at $712,000 after purchasing an additional 423 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in shares of Dime Community Bancshares by 2.5% in the third quarter. Illinois Municipal Retirement Fund now owns 21,265 shares of the savings and loans company’s stock worth $838,000 after purchasing an additional 525 shares during the period. Nykredit A S purchased a new stake in shares of Dime Community Bancshares in the second quarter worth $35,000. Royal Bank of Canada increased its stake in shares of Dime Community Bancshares by 11.7% in the first quarter. Royal Bank of Canada now owns 9,311 shares of the savings and loans company’s stock worth $315,000 after purchasing an additional 979 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its stake in shares of Dime Community Bancshares by 3.2% in the third quarter. Kestra Advisory Services LLC now owns 40,075 shares of the savings and loans company’s stock worth $1,580,000 after purchasing an additional 1,238 shares in the last quarter. 75.27% of the stock is owned by institutional investors.

Dime Community Bancshares Company Profile

Dime Community Bancshares, Inc is the bank holding company for Dime Community Bank, a full-service commercial bank serving businesses, individuals and local communities in the New York metropolitan area. The company’s primary markets include Long Island and New York City, with banking offices across Brooklyn, Queens, Manhattan, Nassau County and Suffolk County.

Dime Community Bank provides commercial and residential real estate lending, commercial and industrial loans, construction financing, residential mortgages and consumer loans.