Dime Community Bancshares (NASDAQ:DCOM) CTO Michael Fegan Sells 2,355 Shares of Company Stock

Key Points

• CTO Michael Fegan sold 2,355 Dime Community Bancshares shares at an average price of $41.81, generating approximately $98,463. He retained 25,618 shares after the transaction, an 8.42% reduction in his holdings.
• Dime Community Bancshares exceeded quarterly expectations, reporting $0.91 in EPS versus the $0.86 consensus estimate and $135.35 million in revenue versus expectations of $131.16 million.
• Analyst sentiment remains favorable: the stock has a “Moderate Buy” consensus rating and a $45.50 average price target, while the company pays a quarterly dividend of $0.25 per share, yielding about 2.4%.

Dime Community Bancshares, Inc. (NASDAQ:DCOM - Get Free Report) CTO Michael Fegan sold 2,355 shares of the company's stock in a transaction 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 transaction, the chief technology officer owned 25,618 shares of the company's stock, valued at $1,071,088.58. This trade represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Dime Community Bancshares Stock Down 1.4%

Shares of Dime Community Bancshares stock traded down $0.61 on Wednesday, hitting $41.91. 23,884 shares of the company's stock traded hands, compared to its average volume of 317,147. Dime Community Bancshares, Inc. has a 52-week low of $25.63 and a 52-week high of $43.38. 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 stock has a market cap of $1.85 billion, a P/E ratio of 17.74 and a beta of 1.01. The firm's 50-day moving average is $40.21 and its 200 day moving average is $37.31.

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

Dime Community Bancshares Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, October 16th. Dime Community Bancshares's dividend payout ratio is currently 32.47%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Piper Sandler restated an "overweight" rating and set a $47.00 price objective (up from $45.00) on shares of Dime Community Bancshares in a research note on Wednesday, October 21st. Keefe, Bruyette & Woods boosted their price target on shares of Dime Community Bancshares from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Wednesday, October 21st. Finally, DA Davidson set a $50.00 price target on shares of Dime Community Bancshares in a research report on Thursday, October 22nd. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $45.50.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Dime Community Bancshares in the 2nd quarter valued at about $251,937,000. Dimensional Fund Advisors LP boosted its stake in Dime Community Bancshares by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,353,786 shares of the savings and loans company's stock valued at $79,602,000 after buying an additional 23,035 shares in the last quarter. Basswood Capital Management L.L.C. acquired a new stake in Dime Community Bancshares in the 2nd quarter valued at about $79,106,000. The Manufacturers Life Insurance Company bought a new stake in Dime Community Bancshares during the second quarter worth approximately $18,911,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Dime Community Bancshares during the second quarter worth $14,342,000. Institutional investors and hedge funds 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, 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.

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