Elme Communities (NYSE:ELME) Receives $18.50 Average PT from Analysts

Elme Communities (NYSE:ELME) has earned an average rating of “Hold” from the five research firms that are covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $18.50.

Several brokerages have issued reports on ELME. Weiss Ratings restated a “hold (c)” rating on shares of Elme Communities in a research note on Saturday, September 27th. Truist Financial restated a “hold” rating on shares of Elme Communities in a research note on Thursday, September 11th. Finally, Wall Street Zen cut Elme Communities from a “hold” rating to a “sell” rating in a research note on Friday, September 26th.

Elme Communities Trading Down 0.2%

Shares of ELME opened at $16.71 on Friday. The stock has a 50-day moving average price of $16.74 and a 200 day moving average price of $16.26. Elme Communities has a one year low of $13.95 and a one year high of $18.08. The company has a market capitalization of $1.47 billion, a P/E ratio of -111.36 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.51 and a current ratio of 0.51.

Elme Communities (NYSE:ELME) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. Elme Communities had a negative return on equity of 1.33% and a negative net margin of 5.78%.The firm had revenue of $62.10 million for the quarter, compared to analysts’ expectations of $61.63 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. Elme Communities’s revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Wednesday, September 17th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Wednesday, September 17th. Elme Communities’s dividend payout ratio is presently -480.00%.

Institutional Trading of Elme Communities

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in shares of Elme Communities by 20.8% during the 3rd quarter. GAMMA Investing LLC now owns 4,001 shares of the company’s stock worth $67,000 after purchasing an additional 688 shares during the period. Caxton Associates LLP acquired a new stake in shares of Elme Communities during the 2nd quarter worth approximately $376,000. Public Sector Pension Investment Board raised its position in shares of Elme Communities by 7.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 300,549 shares of the company’s stock worth $4,779,000 after purchasing an additional 21,423 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of Elme Communities by 5.2% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 224,779 shares of the company’s stock worth $3,572,000 after purchasing an additional 11,041 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of Elme Communities by 280.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,399 shares of the company’s stock worth $134,000 after purchasing an additional 6,193 shares during the period. 87.88% of the stock is currently owned by institutional investors and hedge funds.

Elme Communities Company Profile

Elme Communities is committed to elevating what home can be for middle-income renters by providing a higher level of quality, service, and experience. The Company is a multifamily real estate investment trust that owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Atlanta metro regions, and owns approximately 300,000 square feet of commercial space.