Dime Community Bancshares (NASDAQ:DCOM) Hits New 52-Week High Following Dividend Announcement

Key Points

• Dime Community Bancshares shares hit a new 52-week high after the company announced a quarterly dividend of $0.25 per share, payable July 24 to shareholders of record on July 17.
• The dividend implies a 2.5% yield and a $1.00 annualized payout, with a dividend payout ratio of 37.59%.
• Analyst sentiment remains generally positive, with a Moderate Buy consensus and a consensus price target of $39.75, while several firms have recently raised their targets or ratings.

Shares of Dime Community Bancshares, Inc. (NASDAQ:DCOM - Get Free Report) hit a new 52-week high on Friday after the company announced a dividend. The company traded as high as $40.99 and last traded at $40.5320, with a volume of 1664213 shares. The stock had previously closed at $39.97.The newly announced dividend which will be paid on Friday, July 24th. Investors of record on Friday, July 17th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, July 17th. This represents a $1.00 annualized dividend and a dividend yield of 2.5%. Dime Community Bancshares's dividend payout ratio (DPR) is 37.59%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Piper Sandler began coverage on Dime Community Bancshares in a report on Monday, March 16th. They issued an "overweight" rating and a $37.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on shares of Dime Community Bancshares from $40.00 to $43.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. DA Davidson raised their price target on shares of Dime Community Bancshares from $39.00 to $43.00 and gave the company a "buy" rating in a report on Monday, April 27th. Wall Street Zen lowered shares of Dime Community Bancshares from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. Finally, Weiss Ratings upgraded shares of Dime Community Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $39.75.

Dime Community Bancshares Trading Up 1.4%

The stock has a 50 day simple moving average of $37.38 and a 200-day simple moving average of $34.38. The firm has a market capitalization of $1.79 billion, a P/E ratio of 17.17 and a beta of 1.00. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.57.

Insider Activity at Dime Community Bancshares

In other news, Director Basswood Capital Management, L sold 32,751 shares of the company's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $39.02, for a total value of $1,277,944.02. Following the completion of the sale, the director directly owned 6,785 shares in the company, valued at $264,750.70. This represents a 82.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Raymond A. Nielsen sold 1,650 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $37.09, for a total value of $61,198.50. Following the completion of the transaction, the director directly owned 35,607 shares in the company, valued at approximately $1,320,663.63. This represents a 4.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 78,803 shares of company stock worth $3,101,749 over the last quarter. Insiders own 7.40% of the company's stock.

Institutional Trading of Dime Community Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its position in shares of Dime Community Bancshares by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 4,263,230 shares of the savings and loans company's stock valued at $128,281,000 after buying an additional 857,001 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Dime Community Bancshares by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,353,786 shares of the savings and loans company's stock worth $79,602,000 after purchasing an additional 23,035 shares during the period. State Street Corp increased its stake in shares of Dime Community Bancshares by 0.5% in the fourth quarter. State Street Corp now owns 1,824,019 shares of the savings and loans company's stock worth $54,885,000 after purchasing an additional 8,936 shares in the last quarter. Verition Fund Management LLC raised its position in shares of Dime Community Bancshares by 19.8% during the 4th quarter. Verition Fund Management LLC now owns 599,103 shares of the savings and loans company's stock valued at $18,027,000 after purchasing an additional 99,011 shares during the period. Finally, Penn Capital Management Company LLC lifted its stake in shares of Dime Community Bancshares by 20.3% during the 3rd quarter. Penn Capital Management Company LLC now owns 584,810 shares of the savings and loans company's stock valued at $17,487,000 after buying an additional 98,736 shares in the last quarter. Hedge funds and other institutional investors own 75.27% of the company's stock.

About Dime Community Bancshares

Dime Community Bancshares, Inc is the bank holding company for Dime Community Bank, headquartered in Hauppauge, New York. Through its subsidiary, the company offers a comprehensive suite of banking and financial services to both individual and commercial customers. With a network of branches spanning the New York metropolitan area and South Florida, Dime Community Bancshares emphasizes relationship banking and local decision-making.

The company's core lending activities include commercial and multifamily real estate loans, construction and land development financing, and one-to-four-family residential mortgage lending.

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