Dime Community Bancshares, Inc. $DCOM Stake Reduced by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors Inc. significantly reduced its stake in Dime Community Bancshares, Inc. by 88.9%, now holding just 5,000 shares after selling 40,000 shares in the second quarter.
• Despite the decrease in Hennessy's holdings, several other hedge funds increased their positions, with institutional investors now owning 75.27% of the company's stock.
• Dime Community Bancshares recently announced a quarterly dividend of $0.25, representing a 3.3% yield, with a dividend payout ratio of 119.05%.

Hennessy Advisors Inc. trimmed its holdings in Dime Community Bancshares, Inc. (NASDAQ:DCOM - Free Report) by 88.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,000 shares of the savings and loans company's stock after selling 40,000 shares during the quarter. Hennessy Advisors Inc.'s holdings in Dime Community Bancshares were worth $135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Hughes Financial Services LLC bought a new stake in shares of Dime Community Bancshares in the 1st quarter worth approximately $37,000. GAMMA Investing LLC grew its position in Dime Community Bancshares by 14.0% in the first quarter. GAMMA Investing LLC now owns 3,931 shares of the savings and loans company's stock worth $110,000 after buying an additional 483 shares during the last quarter. CWM LLC increased its holdings in shares of Dime Community Bancshares by 250.1% in the first quarter. CWM LLC now owns 6,035 shares of the savings and loans company's stock valued at $168,000 after buying an additional 4,311 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Dime Community Bancshares by 11.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,860 shares of the savings and loans company's stock valued at $331,000 after acquiring an additional 1,220 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Dime Community Bancshares during the 1st quarter worth $433,000. Institutional investors and hedge funds own 75.27% of the company's stock.

Insider Buying and Selling at Dime Community Bancshares

In other news, Director Basswood Capital Management, L sold 9,000 shares of the stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $30.33, for a total transaction of $272,970.00. Following the transaction, the director owned 1,034,158 shares of the company's stock, valued at approximately $31,366,012.14. This represents a 0.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Raymond A. Nielsen sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.92, for a total value of $30,920.00. Following the completion of the transaction, the director directly owned 38,185 shares in the company, valued at $1,180,680.20. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.10% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Dime Community Bancshares in a report on Saturday, September 27th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.17.

Dime Community Bancshares Stock Up 1.6%

DCOM opened at $30.26 on Monday. The company has a market capitalization of $1.33 billion, a PE ratio of 36.02 and a beta of 1.10. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.02 and a quick ratio of 1.02. Dime Community Bancshares, Inc. has a fifty-two week low of $23.25 and a fifty-two week high of $37.60. The business has a 50-day moving average of $29.66 and a 200-day moving average of $27.77.

Dime Community Bancshares (NASDAQ:DCOM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.01. The firm had revenue of $109.54 million for the quarter, compared to the consensus estimate of $107.08 million. Dime Community Bancshares had a return on equity of 6.90% and a net margin of 6.74%.During the same quarter in the prior year, the company posted $0.37 earnings per share. Equities research analysts forecast that Dime Community Bancshares, Inc. will post 3.06 EPS for the current fiscal year.

Dime Community Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Friday, October 17th will be issued a $0.25 dividend. The ex-dividend date is Friday, October 17th. This represents a $1.00 dividend on an annualized basis and a yield of 3.3%. Dime Community Bancshares's dividend payout ratio is currently 119.05%.

Dime Community Bancshares Company Profile

Dime Community Bancshares, Inc operates as the holding company for Dime Community Bank that engages in the provision of various commercial banking and financial services. The company accepts time, savings, and demand deposits from the businesses, consumers, and local municipalities. It also offers commercial real estate loans; multi-family mortgage loans; residential mortgage loans; letters of credit; secured and unsecured commercial and consumer loans; lines of credit; home equity loans; and construction and land loans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.