1,699,873 Shares in Elme Communities $ELME Acquired by Irenic Capital Management LP

Irenic Capital Management LP acquired a new stake in Elme Communities (NYSE:ELME) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,699,873 shares of the company’s stock, valued at approximately $28,660,000. Elme Communities comprises about 3.0% of Irenic Capital Management LP’s portfolio, making the stock its 10th biggest position.

Other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Elme Communities by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,358 shares of the company’s stock valued at $911,000 after purchasing an additional 2,315 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Elme Communities by 6.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 638,149 shares of the company’s stock worth $11,104,000 after purchasing an additional 40,722 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Elme Communities by 170.3% during the first quarter. Jane Street Group LLC now owns 101,800 shares of the company’s stock worth $1,771,000 after purchasing an additional 64,137 shares during the period. Bank of New York Mellon Corp increased its holdings in Elme Communities by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 747,822 shares of the company’s stock valued at $11,890,000 after purchasing an additional 19,779 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in Elme Communities by 15.5% in the second quarter. Los Angeles Capital Management LLC now owns 12,625 shares of the company’s stock valued at $201,000 after purchasing an additional 1,690 shares during the last quarter. Institutional investors and hedge funds own 87.88% of the company’s stock.

Elme Communities Price Performance

ELME opened at $2.07 on Monday. The stock has a market cap of $183.50 million, a P/E ratio of -1.36 and a beta of 0.69. Elme Communities has a 12 month low of $2.05 and a 12 month high of $17.68. The company has a quick ratio of 166.32, a current ratio of 166.32 and a debt-to-equity ratio of 0.78. The company has a fifty day simple moving average of $3.29 and a 200 day simple moving average of $12.17.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Elme Communities in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $18.00.

About Elme Communities

Elme Communities, Inc is a real estate investment trust (REIT) specializing in senior living real estate. The company focuses on acquiring and strategically partnering in a diversified portfolio of senior housing communities, providing real estate solutions across the spectrum of independent living, assisted living and memory care facilities. Elme Communities leases properties to experienced operators under long-term contractual arrangements designed to generate stable rental income and align incentives for both landlord and operator.

The company’s core activities include identifying acquisition opportunities, underwriting property performance, structuring lease agreements and overseeing asset management functions.