Bank of New York Mellon Corp Boosts Stake in Elme Communities $ELME

Bank of New York Mellon Corp raised its stake in shares of Elme Communities (NYSE:ELME) by 2.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 747,822 shares of the company’s stock after buying an additional 19,779 shares during the quarter. Bank of New York Mellon Corp’s holdings in Elme Communities were worth $11,890,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ELME. Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of Elme Communities by 119.3% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,459,062 shares of the company’s stock worth $42,788,000 after acquiring an additional 1,337,974 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Elme Communities during the first quarter valued at $16,613,000. Deutsche Bank AG increased its position in Elme Communities by 230.0% during the 1st quarter. Deutsche Bank AG now owns 381,185 shares of the company’s stock worth $6,633,000 after purchasing an additional 265,681 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Elme Communities in the 2nd quarter valued at about $3,574,000. Finally, Russell Investments Group Ltd. lifted its holdings in Elme Communities by 1,301.1% in the 1st quarter. Russell Investments Group Ltd. now owns 225,520 shares of the company’s stock valued at $3,924,000 after purchasing an additional 209,424 shares in the last quarter. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on ELME. Truist Financial reaffirmed a “hold” rating on shares of Elme Communities in a research note on Thursday, September 11th. Weiss Ratings reissued a “sell (d+)” rating on shares of Elme Communities in a research note on Thursday, November 13th. Wall Street Zen cut shares of Elme Communities from a “hold” rating to a “sell” rating in a research note on Friday, September 26th. Finally, JPMorgan Chase & Co. cut their price target on Elme Communities from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, October 21st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $18.50.

Elme Communities Price Performance

ELME opened at $16.77 on Wednesday. Elme Communities has a 1 year low of $13.95 and a 1 year high of $18.08. The company’s 50 day simple moving average is $16.76 and its 200 day simple moving average is $16.43. The stock has a market capitalization of $1.48 billion, a PE ratio of -11.03 and a beta of 0.97. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.51 and a current ratio of 0.54.

Elme Communities (NYSE:ELME) last posted its quarterly earnings results on Thursday, October 23rd. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The company 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 13.15% and a negative net margin of 54.57%.The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.23 EPS. As a group, sell-side analysts expect that Elme Communities will post 0.94 EPS for the current year.

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.