Dime Community Bancshares (NASDAQ:DCOM) Reaches New 52-Week High – Here’s What Happened

Dime Community Bancshares, Inc. (NASDAQ:DCOM) shares reached a new 52-week high during trading on Friday . The stock traded as high as $38.06 and last traded at $37.83, with a volume of 83124 shares changing hands. The stock had previously closed at $37.55.

Wall Street Analysts Forecast Growth

DCOM has been the topic of several research analyst reports. Piper Sandler initiated coverage on shares of Dime Community Bancshares in a research note on Monday, March 16th. They set an “overweight” rating and a $37.00 price target on the stock. Weiss Ratings raised shares of Dime Community Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. DA Davidson increased their price target on shares of Dime Community Bancshares from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Wall Street Zen cut shares of Dime Community Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Keefe, Bruyette & Woods increased their price target 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. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Dime Community Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.75.

Dime Community Bancshares Price Performance

The company’s fifty day moving average is $36.00 and its two-hundred day moving average is $33.20. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 16.11 and a beta of 1.00. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.57.

Dime Community Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 24th. Investors of record on Friday, April 17th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, April 17th. Dime Community Bancshares’s dividend payout ratio is currently 37.59%.

Insiders Place Their Bets

In related news, Director Raymond A. Nielsen sold 1,650 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $37.09, for a total value of $61,198.50. Following the transaction, the director directly owned 35,607 shares in the company, valued at $1,320,663.63. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dime Community Bancshares

Several large investors have recently bought and sold shares of the business. Sovran Advisors LLC acquired a new stake in Dime Community Bancshares in the fourth quarter worth $1,065,000. Penn Capital Management Company LLC increased its position in shares of Dime Community Bancshares by 20.3% during the third quarter. Penn Capital Management Company LLC now owns 584,810 shares of the savings and loans company’s stock worth $17,487,000 after acquiring an additional 98,736 shares in the last quarter. Gator Capital Management LLC grew its position in Dime Community Bancshares by 16.9% in the third quarter. Gator Capital Management LLC now owns 109,230 shares of the savings and loans company’s stock valued at $3,258,000 after purchasing an additional 15,792 shares in the last quarter. UBS Group AG grew its position in Dime Community Bancshares by 17.6% in the fourth quarter. UBS Group AG now owns 213,325 shares of the savings and loans company’s stock valued at $6,419,000 after purchasing an additional 31,968 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Dime Community Bancshares by 12.2% in the third quarter. JPMorgan Chase & Co. now owns 157,812 shares of the savings and loans company’s stock valued at $4,708,000 after purchasing an additional 17,129 shares in the last quarter. 75.27% of the stock is currently owned by institutional investors and hedge funds.

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.