Mangrove Partners IM LLC Invests $34.49 Million in Elme Communities $ELME

Mangrove Partners IM LLC bought a new position in Elme Communities (NYSE:ELME) in the 3rd quarter, Holdings Channel.com reports. The firm bought 2,045,358 shares of the company’s stock, valued at approximately $34,485,000. Elme Communities comprises approximately 2.9% of Mangrove Partners IM LLC’s holdings, making the stock its 15th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in Elme Communities by 6.4% during the second quarter. PNC Financial Services Group Inc. now owns 10,851 shares of the company’s stock valued at $173,000 after purchasing an additional 650 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Elme Communities by 20.8% in 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 in the last quarter. Atlantic Union Bankshares Corp boosted its holdings in shares of Elme Communities by 6.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 12,455 shares of the company’s stock worth $210,000 after purchasing an additional 702 shares in the last quarter. Verdence Capital Advisors LLC increased its position in shares of Elme Communities by 3.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 23,872 shares of the company’s stock valued at $396,000 after purchasing an additional 814 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Elme Communities by 3.3% during the 3rd quarter. Amalgamated Bank now owns 26,005 shares of the company’s stock valued at $438,000 after buying an additional 836 shares in the last quarter. Institutional investors own 87.88% of the company’s stock.

Elme Communities Stock Performance

Elme Communities stock opened at $2.07 on Friday. The firm has a fifty day simple moving average of $3.29 and a two-hundred day simple moving average of $12.24. The company has a quick ratio of 166.32, a current ratio of 166.32 and a debt-to-equity ratio of 0.78. Elme Communities has a twelve month low of $2.05 and a twelve month high of $17.68. The company has a market capitalization of $183.50 million, a PE ratio of -1.36 and a beta of 0.69.

Analysts Set New Price Targets

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