Elme Communities (NYSE:ELME) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Elme Communities (NYSE:ELME) released its quarterly earnings data on Thursday. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01), Zacks reports. The firm had revenue of $62.10 million for the quarter, compared to analysts’ expectations of $62.17 million. Elme Communities had a negative return on equity of 12.67% and a negative net margin of 54.57%.Elme Communities’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.23 earnings per share.

Elme Communities Price Performance

Shares of NYSE:ELME opened at $16.67 on Friday. The company has a 50-day simple moving average of $16.89 and a 200-day simple moving average of $16.27. Elme Communities has a one year low of $13.95 and a one year high of $18.08. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -10.96 and a beta of 1.01.

Elme Communities Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages recently weighed in on ELME. Wall Street Zen cut shares of Elme Communities from a “hold” rating to a “sell” rating in a research report on Friday, September 26th. JPMorgan Chase & Co. reduced their price target on shares of Elme Communities from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday. Truist Financial reissued a “hold” rating on shares of Elme Communities in a research report on Thursday, September 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Elme Communities in a research report on Friday. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.50.

Institutional Investors Weigh In On Elme Communities

A number of institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its stake in shares of Elme Communities by 39.9% during the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock worth $51,000 after acquiring an additional 922 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Elme Communities during the second quarter worth about $70,000. Tower Research Capital LLC TRC increased its stake in shares of Elme Communities by 280.7% during the second quarter. Tower Research Capital LLC TRC now owns 8,399 shares of the company’s stock worth $134,000 after acquiring an additional 6,193 shares during the period. M&T Bank Corp increased its stake in shares of Elme Communities by 9.1% during the second quarter. M&T Bank Corp now owns 14,268 shares of the company’s stock worth $227,000 after acquiring an additional 1,190 shares during the period. Finally, Creative Planning increased its stake in shares of Elme Communities by 29.8% during the second quarter. Creative Planning now owns 14,386 shares of the company’s stock worth $229,000 after acquiring an additional 3,307 shares during the period. 87.88% of the stock is owned by hedge funds and other institutional investors.

About Elme Communities

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.