In a recent filing with the Securities and Exchange Commission, Dime Community Bancshares, Inc. (NASDAQ:DCOM), currently trading at $31.25, announced the upcoming retirement of one of its board members. Michael P. Devine, who serves on the board of directors for both the company and its wholly-owned subsidiary, Dime Community Bank, will retire effective April 24, 2025. According to InvestingPro analysis, the company's stock has shown strong momentum with a 39% gain over the past six months.
This announcement follows a previous 8-K filing on December 23, 2024, which initially disclosed Mr. Devine's intent to retire. The company, headquartered in Hauppauge, New York, operates within the national commercial banks sector and has maintained dividend payments for 29 consecutive years.
InvestingPro data reveals that three analysts have recently revised their earnings expectations upward for the upcoming period. Get access to more exclusive insights and 6 additional ProTips with an InvestingPro subscription.
Dime Community Bancshares, Inc., which trades on The Nasdaq Stock Market under the ticker symbols NASDAQ:DCOM for common stock, NASDAQ:DCOMP for preferred stock, and NASDAQ:DCOMG for junior subordinated notes, has not indicated any immediate plans for a successor to Mr. Devine's board position.
The company's next earnings report is scheduled for January 24, 2025, with analysts maintaining a positive outlook and setting price targets between $36 and $44.
The bank sold $379 million of lower-yielding debt securities and reinvested in higher-yielding ones, a move expected to result in a one-time pre-tax loss of approximately $43 million for the last quarter of 2024. Three analysts from InvestingPro have revised their earnings upward for the upcoming period, indicating potential confidence in the bank's strategic decisions.
The termination of the pension plan is part of the company's efforts to manage expenses effectively and will result in an estimated expense of $1 million in the current quarter and an anticipated additional expense of around $2 million in the first quarter of 2025.
Dime Community Bancshares also recently announced a public offering of its common stock at $32.00 per share, aiming to raise an estimated $125 million. The net proceeds are expected to support the company's continued organic growth. The bank has also made significant amendments to its corporate governance structure, changing how directors are elected during uncontested and contested elections.
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