Dime Community Bancshares, Inc. to Issue Quarterly Dividend of $0.24 (NASDAQ:DCOM)

Dime Community Bancshares, Inc. (NASDAQ:DCOMGet Rating) declared a quarterly dividend on Wednesday, September 21st, Zacks reports. Stockholders of record on Monday, October 17th will be paid a dividend of 0.24 per share by the savings and loans company on Monday, October 24th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Friday, October 14th.

Dime Community Bancshares has increased its dividend payment by an average of 28.9% annually over the last three years and has increased its dividend every year for the last 1 years. Dime Community Bancshares has a payout ratio of 24.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Dime Community Bancshares to earn $3.91 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 24.6%.

Dime Community Bancshares Price Performance

Shares of DCOM traded down $0.43 during mid-day trading on Friday, reaching $31.32. 77,105 shares of the company’s stock were exchanged, compared to its average volume of 110,143. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.29. The company has a 50-day simple moving average of $32.30 and a two-hundred day simple moving average of $32.17. Dime Community Bancshares has a 52-week low of $28.36 and a 52-week high of $38.35. The company has a market cap of $1.21 billion, a price-to-earnings ratio of 9.00 and a beta of 1.08.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on DCOM shares. Raymond James cut shares of Dime Community Bancshares from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $41.00 to $34.00 in a research note on Thursday, July 7th. Piper Sandler lowered their target price on shares of Dime Community Bancshares from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, June 3rd.

Insiders Place Their Bets

In other Dime Community Bancshares news, insider Christopher J. Porzelt sold 3,100 shares of Dime Community Bancshares stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $32.50, for a total value of $100,750.00. Following the completion of the sale, the insider now directly owns 15,716 shares of the company’s stock, valued at approximately $510,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Dime Community Bancshares news, insider Christopher J. Porzelt sold 3,100 shares of Dime Community Bancshares stock in a transaction on Monday, August 29th. The shares were sold at an average price of $32.50, for a total value of $100,750.00. Following the transaction, the insider now owns 15,716 shares in the company, valued at approximately $510,770. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Basswood Capital Management, L sold 146,907 shares of Dime Community Bancshares stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $32.31, for a total transaction of $4,746,565.17. Following the completion of the transaction, the director now owns 62,429 shares in the company, valued at approximately $2,017,080.99. The disclosure for this sale can be found here. In the last three months, insiders sold 259,923 shares of company stock valued at $8,610,956. Company insiders own 15.30% of the company’s stock.

Hedge Funds Weigh In On Dime Community Bancshares

A number of hedge funds have recently made changes to their positions in the stock. Raymond James & Associates lifted its holdings in shares of Dime Community Bancshares by 6.6% during the 1st quarter. Raymond James & Associates now owns 60,591 shares of the savings and loans company’s stock valued at $2,095,000 after acquiring an additional 3,740 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Dime Community Bancshares by 12.1% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 6,572 shares of the savings and loans company’s stock worth $227,000 after buying an additional 707 shares during the period. American Century Companies Inc. increased its stake in Dime Community Bancshares by 29.8% during the 1st quarter. American Century Companies Inc. now owns 58,176 shares of the savings and loans company’s stock worth $2,011,000 after buying an additional 13,341 shares during the period. Citigroup Inc. increased its stake in Dime Community Bancshares by 14.4% during the 1st quarter. Citigroup Inc. now owns 29,735 shares of the savings and loans company’s stock worth $1,028,000 after buying an additional 3,749 shares during the period. Finally, MetLife Investment Management LLC increased its stake in Dime Community Bancshares by 56.8% during the 1st quarter. MetLife Investment Management LLC now owns 17,770 shares of the savings and loans company’s stock worth $614,000 after buying an additional 6,434 shares during the period. Institutional investors and hedge funds own 76.92% of the company’s stock.

About Dime Community Bancshares

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Dime Community Bancshares, Inc operates as the holding company for Dime Community Bank that provides various commercial banking and financial services. It accepts time, savings, and demand deposits from the businesses, consumers, and local municipalities. The company also offers commercial real estate loans; multi-family mortgage loans; residential mortgage loans; secured and unsecured commercial and consumer loans; home equity loans; and construction and land loans.

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Dividend History for Dime Community Bancshares (NASDAQ:DCOM)

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