Hauppauge, NY – Dime Group Bancshares, Inc. (NASDAQ: NASDAQ: ), the father or mother firm of Dime Group Financial institution, right this moment introduced the pricing of a $65 million public providing of subordinated notes. The notes mature in 2034 and carry a hard and fast rate of interest of 9.000%. The corporate additionally gave the underwriters a 30-day choice to buy as much as a further $9.75 million in notes to cowl over-allotments.
Curiosity on the notes shall be payable quarterly at a hard and fast fee till July 15, 2029. The Firm reserves the best to redeem all or a portion of the Notes at face quantity plus accrued curiosity after July 15, 2029.
The transaction is predicted to shut on or about June 28, 2024, topic to customary closing circumstances. The notes are meant to qualify as Tier 2 capital, which is supplementary capital underneath regulatory tips. Dime Group Bancshares plans to record on the Nasdaq Inventory Market underneath the code “DCOMG” inside 30 days from the date of issuance.
Proceeds from the providing shall be used for basic company functions, together with supporting natural development and sustaining regulatory capital ratios. Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, A Stifel Firm are serving as joint book-running managers. Co-managers embrace DA Davidson & Co. and Piper Sandler.
Dime Group Bancshares is a New York State chartered belief firm with greater than $13.5 billion in property and ranks first in deposit market share amongst group banks in Better Lengthy Island with lower than $20 billion in property.
This press launch doesn’t represent a proposal to promote or the solicitation of a proposal to purchase any securities. The providing is being made solely by the use of a prospectus complement and accompanying prospectus filed with the Securities and Alternate Fee (SEC). Potential traders are suggested to learn these paperwork, which can be found on the SEC’s web site, to acquire extra details about the corporate and the providing.
Data reported relies on press releases.
Funding Skilled Insights
Dime Group Bancshares, Inc. (NASDAQ: DCOM) just lately introduced a considerable public providing of subordinated notes designed to strengthen its capital construction and help its development plans. As traders contemplate the potential of DCOM’s newest monetary transfer, it is beneficial to find out about a few of InvestingPro’s key metrics and insights.
Based on InvestingPro Knowledge, Dime Group Bancshares at present has a market capitalization of $749.78 million and a price-to-earnings ratio of 10.79, adjusted to 10.13 for the trailing twelve months ending within the first quarter of 2024. Buyers, particularly given the corporate’s constant dividend fee historical past over the previous 28 years.
InvestingPro Ideas exhibits that though the corporate’s web revenue is predicted to say no this 12 months, analysts stay optimistic about its profitability. Moreover, regardless of a major worth whole return of 30.03% over the previous six months, Dime Group Bancshares nonetheless maintains a wholesome dividend yield of 5.3% as of the newest information, which can curiosity income-focused shareholders.
For many who want to acquire perception into Dime Group Bancshares’ monetary well being and future prospects, there are extra InvestingPro Ideas accessible. These may give you a extra full image of an organization’s efficiency and potential. traders can use the coupon code PRONEWS24 Get a further 10% off with annual or bi-annual Professional and Professional+ subscriptions, and acquire entry to extra insights and evaluation that may inform funding selections.
The corporate’s subsequent earnings report date is ready for July 26, 2024, and with analysts’ honest worth goal of $25 in comparison with the present worth of $18.87, the interval forward shall be vital for traders to watch DCOM’s efficiency and its strategic monetary implications. .
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