| Over a week ago | ||||
Piper Sandler analyst… Piper Sandler analyst Mark Fitzgibbon lowered the firm's price target on Dime Community to $23 from $25 and keeps an Overweight rating on the shares. The analyst says Dime has a "high-quality balance sheet, an attractive mix of business and a conservative management team." The stock appears to discount a lot of bad news, which is unwarranted, the analyst tells investors in a research note. | ||||
Dime Community Bancshares… Dime Community Bancshares announced the promotion of Steven Karaman to Corporate Treasurer. Karaman will oversee all aspects of the Company's funding, liquidity, investment portfolio and balance sheet strategy. He will lead the Treasury team and help guide the Bank as it continues to deliver competitive solutions for its clients. Karaman has over 25 years of financial and treasury experience. Most recently, Karaman was involved in all aspects of Dime's stress testing functions. | ||||
Raymond James lowered the… Raymond James lowered the firm's price target on Dime Community to $27 from $34 and keeps an Outperform rating on the shares. The stock largely reflects the downside risks from NIM pressure while not accounting for the upside potential from recent market disruption that has allowed Dime to hire deposit teams and pursue opportunities to improve its franchise, the analyst tells investors in a research note. | ||||
| Over a month ago | ||||
Kevin O'Connor, CEO… Kevin O'Connor, CEO of the company, stated, "Despite the volatile environment in the first quarter, including the failure of two sizable banks, Dime increased earnings per share by 12.2% on a year-over-year basis. Importantly, we grew deposits, and increased our on balance sheet liquidity and regulatory capital ratios versus year-end levels. The granularity of our deposit base is evidenced by non-insured deposits representing only 30% of total deposits at the end of the first quarter. Our business model is that of a plain-vanilla community commercial bank and we are well positioned to continue growing our franchise one relationship at a time." Stuart Lubow, President and COO of the company, stated, "The recent disruption in our marketplace caused by the failure of a local competitor has provided a significant opportunity for Dime to grow our deposit franchise. We are pleased to announce that over the course of the last few weeks we have hired four seasoned deposit-focused Groups, who were previously employed with Signature Bank." | ||||
Conference call with… Conference call with management to be held on March 23 hosted by Stephens. | ||||
Conference call with… Conference call with management to be held on March 23 hosted by Stephens. | ||||
The dividend is payable… The dividend is payable on April 24 to common stockholders of record as of April 17. | ||||
| Over a quarter ago | ||||
Stephens analyst Matt… Stephens analyst Matt Breese lowered the firm's price target on Dime Community to $35 from $38 as higher funding costs impact net interest margin forecasts. The firm keeps an Equal Weight rating on the shares following quarterly results. | ||||
Reports Q4 NII $96.8M,… Reports Q4 NII $96.8M, consensus $102.42M. A credit loss provision of $0.3M was recorded during Q4vs. a credit loss provision of $6.6M during 3Q22, and a credit loss recovery of $132K during 4Q21. Excluding the impact of accumulated other comprehensive income, adjusted tangible common book value per share was $25.54 at December 31, 2022 vs. $24.75 at September 30, 2022. CEO Kevin O'Connor stated, "As we close the book on 2022, we can reflect on an extremely successful year for our Company. Reported net income available to common shareholders for the twelve months ended December 31, 2022 increased by 50% on a year-over-year basis. Importantly, we delivered consistent financial results throughout 2022 as demonstrated by an annual return on assets in excess of 1.20% and an efficiency ratio below 50%. We made numerous investments in our business and people over the year, including a buildout of our middle market commercial lending operations. Finally, we were very proud to achieve an overall "Outstanding" rating for our Community Reinvestment Act rating from the Federal Reserve Bank of New York." | ||||
Raymond James analyst… Raymond James analyst Steve Moss resumed coverage of Dime Community with an Outperform rating and $38 price target. Dime is a well-run bank with a conservative credit culture that Moss expects will continue to grow and sustain solid profitability as management builds an attractive New York franchise, the analyst tells investors in a research note. The analyst believes NIM is likely to peak near-term as funding costs increase, and thinks loan growth should remain strong, but moderate relative to prior quarters. | ||||
