Dime Community Bancshares (NASDAQ:DCOM) Reaches New 52-Week High - Here's Why

Key Points

• Shares of Dime Community Bancshares hit a new 52-week high, trading as high as $37.25 and last at $37.52, roughly a 3.2% intraday gain.
• Several analysts raised price targets recently and the stock carries a consensus rating of Moderate Buy with a $38.00 consensus price target.
• The company beat estimates for the quarter with $0.79 EPS vs. $0.70 expected and $123.85M in revenue, and announced a $0.25 quarterly dividend (annualized yield ~2.7%).

Shares of Dime Community Bancshares, Inc. (NASDAQ:DCOM - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $37.25 and last traded at $37.52, with a volume of 59383 shares. The stock had previously closed at $35.90.

Analysts Set New Price Targets

A number of research firms have recently commented on DCOM. Stephens increased their target price on Dime Community Bancshares from $33.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Friday, January 23rd. DA Davidson lifted their target price on shares of Dime Community Bancshares from $37.00 to $39.00 and gave the stock a "buy" rating in a report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their target price on shares of Dime Community Bancshares from $34.00 to $40.00 and gave the stock an "outperform" rating in a report on Thursday, January 22nd. Wall Street Zen cut shares of Dime Community Bancshares from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Finally, Piper Sandler assumed coverage on shares of Dime Community Bancshares in a report on Monday, March 16th. They issued an "overweight" rating and a $37.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.00.

Dime Community Bancshares Trading Up 3.2%

The stock has a 50-day simple moving average of $33.88 and a two-hundred day simple moving average of $31.20. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $1.63 billion, a PE ratio of 15.71 and a beta of 1.05.

Dime Community Bancshares (NASDAQ:DCOM - Get Free Report) last issued its earnings results on Wednesday, January 21st. The savings and loans company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.09. Dime Community Bancshares had a return on equity of 9.12% and a net margin of 15.15%.The business had revenue of $123.85 million during the quarter, compared to analyst estimates of $118.14 million. During the same quarter in the previous year, the firm earned $0.42 EPS. As a group, sell-side analysts anticipate that Dime Community Bancshares, Inc. will post 3.06 EPS for the current year.

Dime Community Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 24th. Investors of record on Friday, April 17th will be issued a $0.25 dividend. The ex-dividend date is Friday, April 17th. This represents a $1.00 annualized dividend and a yield of 2.7%. Dime Community Bancshares's dividend payout ratio (DPR) is currently 42.37%.

Insider Activity at Dime Community Bancshares

In related news, CEO Stuart H. Lubow sold 19,550 shares of the firm's stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $35.07, for a total value of $685,618.50. Following the sale, the chief executive officer owned 202,648 shares in the company, valued at approximately $7,106,865.36. This trade represents a 8.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Basswood Capital Management, L sold 7,500 shares of the company's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $34.83, for a total value of $261,225.00. Following the sale, the director owned 1,006,319 shares of the company's stock, valued at approximately $35,050,090.77. This trade represents a 0.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 52,865 shares of company stock worth $1,829,983 in the last 90 days. 7.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Dime Community Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Louisiana State Employees Retirement System lifted its position in shares of Dime Community Bancshares by 2.2% in the third quarter. Louisiana State Employees Retirement System now owns 18,800 shares of the savings and loans company's stock valued at $561,000 after acquiring an additional 400 shares in the last quarter. Amalgamated Bank lifted its position in shares of Dime Community Bancshares by 3.6% in the third quarter. Amalgamated Bank now owns 11,630 shares of the savings and loans company's stock valued at $347,000 after acquiring an additional 406 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in Dime Community Bancshares by 1.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 29,448 shares of the savings and loans company's stock valued at $878,000 after buying an additional 449 shares in the last quarter. GAMMA Investing LLC grew its holdings in Dime Community Bancshares by 15.1% during the 3rd quarter. GAMMA Investing LLC now owns 4,448 shares of the savings and loans company's stock valued at $133,000 after buying an additional 584 shares in the last quarter. Finally, Orion Porfolio Solutions LLC grew its holdings in Dime Community Bancshares by 3.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 25,961 shares of the savings and loans company's stock valued at $699,000 after buying an additional 819 shares in the last quarter. 75.27% of the stock is owned by hedge funds and other institutional investors.

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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