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

Shares of Dime Community Bancshares, Inc. (NASDAQ:DCOM) reached a new 52-week high on Thursday . The company traded as high as $39.50 and last traded at $39.2640, with a volume of 223967 shares. The stock had previously closed at $38.95.

Analysts Set New Price Targets

A number of research firms recently weighed in on DCOM. Weiss Ratings raised Dime Community Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. Piper Sandler began coverage on 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. Wall Street Zen downgraded Dime Community Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Keefe, Bruyette & Woods upped their price target on Dime Community Bancshares from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Finally, DA Davidson upped their price target on Dime Community Bancshares from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.75.

Dime Community Bancshares Trading Up 0.5%

The stock has a market cap of $1.76 billion, a PE ratio of 16.95 and a beta of 1.00. The firm has a 50-day simple moving average of $36.67 and a 200-day simple moving average of $33.68. 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 given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, April 17th. Dime Community Bancshares’s dividend payout ratio (DPR) is 37.59%.

Insider Activity

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

Institutional Investors Weigh In On Dime Community Bancshares

A number of large investors have recently added to or reduced their stakes in DCOM. Wellington Management Group LLP raised its position in Dime Community Bancshares by 25.2% during the fourth quarter. Wellington Management Group LLP now owns 4,263,230 shares of the savings and loans company’s stock valued at $128,281,000 after purchasing an additional 857,001 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Dime Community Bancshares in the 4th quarter valued at $13,321,000. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Dime Community Bancshares by 97.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 432,464 shares of the savings and loans company’s stock valued at $12,900,000 after purchasing an additional 212,934 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Dime Community Bancshares by 271.4% in the 3rd quarter. Bank of America Corp DE now owns 266,005 shares of the savings and loans company’s stock valued at $7,935,000 after purchasing an additional 194,383 shares in the last quarter. Finally, Verition Fund Management LLC boosted its stake in shares of Dime Community Bancshares by 19.8% in the 4th quarter. Verition Fund Management LLC now owns 599,103 shares of the savings and loans company’s stock valued at $18,027,000 after purchasing an additional 99,011 shares in the last quarter. Hedge funds and other institutional investors own 75.27% of the company’s stock.

Dime Community Bancshares Company Profile

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.