由于M/M价格上涨，Piper的Dime社区银行股跌至中性

Piper Sandler downgraded Dime Community Bancshares (NASDAQ:DCOM) shares to Neutral from Overweight on Tuesday, as analyst Mark Fitzgibbon thinks the stock is "fairly-priced" following its recent outperformance.

From a month ago, (DCOM) has climbed 28%, outpacing regional-banking peers' 22% gain and the S&P 500's 2% rise. DCOM is still down 9.5% this year, though.

As such, "we view the stock as fairly-priced at the current multiples and see limited upside potential," Fitzgibbon wrote in a note to clients. 

He noted the stock is trading slightly above tangible book value and 15.8 times his 2024 EPS estimate. Seeking Alpha's Quant system gives (DCOM) a Valuation Grade of "B", with the poorest mark in price-to-earnings.

The downgrade comes on the same day Dime (DCOM) posted better-than-expected earnings and revenue for Q2. Its net interest margin, a key profitability metric among lenders, rose 20 basis points Q/Q to 2.41%, some 15bps better than Fitzgibbon's estimate.

Piper's Neutral rating aligns with the SA Quant system rating of Hold and diverges from the average Wall Street analyst rating of Buy.

(DCOM) gained 2.2% in afternoon trading.