Piper Jaffray Upgrades Dime Community Bancshares, Inc. (DCOM) to Overweight

Piper Jaffray upgraded Dime Community Bancshares, Inc. (NASDAQ: DCOM) from Neutral to Overweight with a price target of $20.00 (from $18.00), citing accelerating loan growth and upcoming TBV boost.

Analyst Matthew Kelley commented, "We are upgrading DCOM to Overweight from Neutral following solid 3Q results and an expectation for faster loan growth over the coming 12-18 months. Dime is one the best managed community banks we track in the Northeast and we expect the company will grow at a faster clip in the year ahead, offsetting a more moderate pace of margin compression. Additionally, a real estate sale transaction is set to boost TBV by $1 per share in Q1 of 2016. After increasing our 2016 and 2017 estimates, we increased our price target from $18 to $20, based on 14x our 2017E EPS and equating to 1.5x our yearend 2016 TBV estimate."

For an analyst ratings summary and ratings history on Dime Community Bancshares, Inc. click here. For more ratings news on Dime Community Bancshares, Inc. click here.

Shares of Dime Community Bancshares, Inc. closed at $17.32 yesterday.

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