Thornburg Investment Management Inc. Lowers Stake in Elme Communities $ELME

Thornburg Investment Management Inc. cut its position in shares of Elme Communities (NYSE:ELME) by 20.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,599,492 shares of the company’s stock after selling 406,176 shares during the quarter. Thornburg Investment Management Inc.’s holdings in Elme Communities were worth $26,967,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ELME. Intech Investment Management LLC increased its position in Elme Communities by 42.9% during the 3rd quarter. Intech Investment Management LLC now owns 56,414 shares of the company’s stock worth $951,000 after purchasing an additional 16,940 shares in the last quarter. US Bancorp DE grew its stake in Elme Communities by 43.8% during the third quarter. US Bancorp DE now owns 4,107 shares of the company’s stock worth $69,000 after buying an additional 1,251 shares during the period. Vanguard Group Inc. increased its position in shares of Elme Communities by 1.5% in the third quarter. Vanguard Group Inc. now owns 13,804,794 shares of the company’s stock worth $232,749,000 after acquiring an additional 205,418 shares in the last quarter. Credit Industriel ET Commercial purchased a new position in shares of Elme Communities in the 3rd quarter valued at $1,686,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Elme Communities by 49.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 619,009 shares of the company’s stock valued at $10,436,000 after acquiring an additional 203,487 shares in the last quarter. 87.88% of the stock is owned by institutional investors and hedge funds.

Elme Communities Stock Up 0.2%

Shares of NYSE:ELME opened at $2.16 on Thursday. The company has a market capitalization of $189.98 million, a price-to-earnings ratio of -1.42 and a beta of 0.69. The company has a 50 day moving average of $6.97 and a two-hundred day moving average of $13.43. Elme Communities has a 52-week low of $2.10 and a 52-week high of $17.68. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.78.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of Elme Communities in a report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $18.00.

Elme Communities Company Profile

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.