Dime Community Bancshares (NASDAQ:DCOM) Reaches New 12-Month High – Here’s Why

Dime Community Bancshares, Inc. (NASDAQ:DCOM) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $35.22 and last traded at $35.10, with a volume of 86071 shares traded. The stock had previously closed at $33.70.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Piper Sandler cut Dime Community Bancshares from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $23.00 to $26.00 in a report on Tuesday, July 23rd. StockNews.com cut Dime Community Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, September 21st. Raymond James upped their price target on Dime Community Bancshares from $35.00 to $36.00 and gave the company a “strong-buy” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods upped their price target on Dime Community Bancshares from $25.50 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Stephens raised Dime Community Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $30.00 to $39.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Dime Community Bancshares has an average rating of “Moderate Buy” and a consensus price target of $31.40.

Dime Community Bancshares Stock Up 4.7 %

The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 22.67 and a beta of 0.99. The firm’s fifty day simple moving average is $29.47 and its 200 day simple moving average is $24.20.

Dime Community Bancshares (NASDAQ:DCOM) last announced its earnings results on Tuesday, October 22nd. The savings and loans company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.12). The company had revenue of $171.87 million for the quarter, compared to analyst estimates of $86.65 million. Dime Community Bancshares had a return on equity of 5.58% and a net margin of 9.65%. During the same quarter last year, the business posted $0.56 earnings per share. On average, sell-side analysts forecast that Dime Community Bancshares, Inc. will post 1.48 earnings per share for the current year.

Dime Community Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Thursday, October 17th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.00 annualized dividend and a dividend yield of 2.83%. Dime Community Bancshares’s dividend payout ratio is currently 66.67%.

Insider Transactions at Dime Community Bancshares

In other news, Director Basswood Capital Management, L bought 29,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was acquired at an average cost of $32.00 per share, with a total value of $928,000.00. Following the completion of the purchase, the director now owns 1,044,221 shares of the company’s stock, valued at $33,415,072. This represents a 2.86 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 9.10% of the company’s stock.

Hedge Funds Weigh In On Dime Community Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers boosted its position in Dime Community Bancshares by 0.4% during the second quarter. Rhumbline Advisers now owns 109,328 shares of the savings and loans company’s stock worth $2,230,000 after purchasing an additional 428 shares during the period. Quest Partners LLC boosted its position in Dime Community Bancshares by 9.4% during the third quarter. Quest Partners LLC now owns 5,397 shares of the savings and loans company’s stock worth $155,000 after purchasing an additional 465 shares during the period. GAMMA Investing LLC boosted its position in Dime Community Bancshares by 30.4% during the third quarter. GAMMA Investing LLC now owns 2,936 shares of the savings and loans company’s stock worth $85,000 after purchasing an additional 685 shares during the period. Nisa Investment Advisors LLC boosted its position in Dime Community Bancshares by 31.2% during the third quarter. Nisa Investment Advisors LLC now owns 6,305 shares of the savings and loans company’s stock worth $182,000 after purchasing an additional 1,500 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Dime Community Bancshares by 4.5% during the second quarter. Victory Capital Management Inc. now owns 46,000 shares of the savings and loans company’s stock worth $938,000 after purchasing an additional 2,000 shares during the period. 75.27% of the stock is owned by institutional investors.

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.