Dime Community Bancshares (NASDAQ:DCOM) Sets New 1-Year Low After Analyst Downgrade

Posted by on May 3rd, 2023

Dime Community Bancshares, Inc. (NASDAQ:DCOM – Get Rating) shares reached a new 52-week low on Tuesday after Raymond James lowered their price target on the stock from $34.00 to $27.00. The company traded as low as $18.38 and last traded at $18.46, with a volume of 40723 shares changing hands. The stock had previously closed at $19.86.

DCOM has been the topic of several other research reports. TheStreet lowered shares of Dime Community Bancshares from a “b-” rating to a “c+” rating in a research report on Friday, April 21st. Stephens lowered their price objective on shares of Dime Community Bancshares to $35.00 in a research report on Thursday, February 9th. StockNews.com started coverage on shares of Dime Community Bancshares in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Dime Community Bancshares from $36.00 to $32.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $32.75.

Insider Activity at Dime Community Bancshares

In related news, Director Basswood Capital Management, L sold 20,037 shares of the business’s stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $31.23, for a total transaction of $625,755.51. Following the completion of the transaction, the director now owns 5,560 shares of the company’s stock, valued at $173,638.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 75,842 shares of company stock valued at $2,350,601. Corporate insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On Dime Community Bancshares

Several hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC bought a new stake in shares of Dime Community Bancshares in the 3rd quarter worth approximately $4,557,000. LSV Asset Management grew its position in shares of Dime Community Bancshares by 59.5% in the 1st quarter. LSV Asset Management now owns 363,540 shares of the savings and loans company’s stock worth $12,568,000 after buying an additional 135,614 shares during the period. Vanguard Group Inc. grew its position in shares of Dime Community Bancshares by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 2,167,447 shares of the savings and loans company’s stock worth $74,929,000 after buying an additional 88,775 shares during the period. Capital Management Corp VA grew its position in Dime Community Bancshares by 40.9% during the 4th quarter. Capital Management Corp VA now owns 294,166 shares of the savings and loans company’s stock valued at $9,363,000 after purchasing an additional 85,370 shares during the last quarter. Finally, State Street Corp grew its position in Dime Community Bancshares by 5.9% during the 1st quarter. State Street Corp now owns 1,476,814 shares of the savings and loans company’s stock valued at $51,053,000 after purchasing an additional 81,796 shares during the last quarter. Hedge funds and other institutional investors own 72.38% of the company’s stock.

Dime Community Bancshares Stock Down 8.0 %

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $709.34 million, a PE ratio of 4.77 and a beta of 1.05. The company’s 50-day moving average is $24.10 and its 200 day moving average is $29.68.

Dime Community Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 24th. Shareholders of record on Monday, April 17th were paid a dividend of $0.25 per share. This is a boost from Dime Community Bancshares’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, April 14th. This represents a $1.00 dividend on an annualized basis and a yield of 5.47%. Dime Community Bancshares’s dividend payout ratio (DPR) is presently 26.11%.

Dime Community Bancshares Company Profile

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The largest community bank headquartered in Brooklyn, New York, chartered on April 19, 1864. The bank specializes in Commercial Mortgage finance in the NY Metro area and services depositors in 24 full service branches throughout Brooklyn, Queens, Nassau, and the Bronx.

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