Dime Community Bancshares hits 2-year high after Stephens upgrades to 'overweight'

Dime Commercial Bancshares

18/11/2024 19:29

** Shares of regional lender Dime Community Bancshares
 DCOM.O  jump as much as 7%, last up 4.9% at $35.34
    ** Stock trading at its highest since November 2022
    ** Stephens upgrades DCOM to "overweight" from
"equal-weight"; raises PT to $39 from $30, a 15.7% upside to
stock's last close
    ** Brokerage says upgrade follows DCOM's $144 mln equity
raise last week
    ** Given the capital and expected bond portfolio
restructuring, Stephens sees dual benefit with higher estimated
return on assets (ROA) and reduction in the commercial real
estate concentration ratio
    ** ROA indicates how profitable a company is relative to its
total assets
    ** Four of five brokerages rate the stock "buy" or higher
and one "hold"; median PT is $39 — data compiled by LSEG
    ** As of last close, DCOM shares up 25.1% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))