Dime Community Bancshares (NASDAQ:DCOM) Hits New 1-Year High After Dividend Announcement

Dime Community Bancshares, Inc. (NASDAQ:DCOM) shares reached a new 52-week high during trading on Friday following a dividend announcement from the company. The stock traded as high as $40.99 and last traded at $40.5320, with a volume of 1664213 shares. The stock had previously closed at $39.97.

The newly announced dividend which will be paid on Friday, July 24th. Investors of record on Friday, July 17th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, July 17th. This represents a $1.00 dividend on an annualized basis and a yield of 2.5%. Dime Community Bancshares’s payout ratio is currently 37.59%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler started coverage on Dime Community Bancshares in a research note on Monday, March 16th. They issued an “overweight” rating and a $37.00 price target for the company. Wall Street Zen cut shares of Dime Community Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Keefe, Bruyette & Woods boosted their target price on shares of Dime Community Bancshares from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. DA Davidson upped their target price on shares of Dime Community Bancshares from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.75.

Dime Community Bancshares Price Performance

The company has a market cap of $1.79 billion, a P/E ratio of 17.17 and a beta of 1.00. The firm’s 50-day moving average is $37.38 and its two-hundred day moving average is $34.38. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 1.02.

Insider Activity

In related news, Director Basswood Capital Management, L sold 32,751 shares of Dime Community Bancshares stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $39.02, for a total value of $1,277,944.02. Following the completion of the transaction, the director owned 6,785 shares in the company, valued at approximately $264,750.70. This trade represents a 82.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Raymond A. Nielsen sold 1,650 shares of the business’s stock in a transaction that occurred 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 directly owned 35,607 shares in the company, valued at $1,320,663.63. The trade was a 4.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 78,803 shares of company stock worth $3,101,749 over the last 90 days. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Dime Community Bancshares

Several large investors have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in Dime Community Bancshares by 15.7% during the 1st quarter. Royal Bank of Canada now owns 23,143 shares of the savings and loans company’s stock valued at $645,000 after buying an additional 3,135 shares during the period. AQR Capital Management LLC increased its position in Dime Community Bancshares by 132.3% during the first quarter. AQR Capital Management LLC now owns 169,503 shares of the savings and loans company’s stock valued at $4,726,000 after acquiring an additional 96,523 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Dime Community Bancshares by 17.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,621 shares of the savings and loans company’s stock valued at $659,000 after acquiring an additional 3,443 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Dime Community Bancshares by 5.9% in the first quarter. Goldman Sachs Group Inc. now owns 324,976 shares of the savings and loans company’s stock valued at $9,060,000 after acquiring an additional 18,195 shares during the period. Finally, Empowered Funds LLC lifted its holdings in shares of Dime Community Bancshares by 5.4% in the 1st quarter. Empowered Funds LLC now owns 82,084 shares of the savings and loans company’s stock worth $2,289,000 after acquiring an additional 4,231 shares during the last quarter. 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.