Sumitomo Mitsui Trust Group Inc. Cuts Stock Position in Elme Communities (NYSE:ELME)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Elme Communities (NYSE:ELME) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 97,336 shares of the company’s stock after selling 1,091 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.11% of Elme Communities worth $1,712,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of Elme Communities by 162.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,777 shares of the company’s stock valued at $27,000 after acquiring an additional 1,100 shares during the period. Archer Investment Corp increased its stake in Elme Communities by 308.2% during the 2nd quarter. Archer Investment Corp now owns 1,788 shares of the company’s stock worth $28,000 after buying an additional 1,350 shares during the period. Fifth Third Bancorp increased its stake in Elme Communities by 438.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,835 shares of the company’s stock worth $29,000 after buying an additional 1,494 shares during the period. GAMMA Investing LLC increased its stake in Elme Communities by 149.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock worth $46,000 after buying an additional 1,725 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Elme Communities by 35.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after buying an additional 885 shares during the period. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Elme Communities Trading Down 0.9 %

NYSE ELME opened at $15.81 on Wednesday. Elme Communities has a one year low of $12.74 and a one year high of $18.49. The company has a 50-day simple moving average of $17.23 and a 200-day simple moving average of $16.58. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market capitalization of $1.39 billion, a PE ratio of -105.40 and a beta of 0.89.

Elme Communities (NYSE:ELME) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.24 by ($0.27). Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. The business had revenue of $61.06 million during the quarter, compared to analyst estimates of $60.31 million. During the same period last year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. On average, equities analysts forecast that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Thursday, December 19th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.55%. The ex-dividend date is Thursday, December 19th. Elme Communities’s dividend payout ratio (DPR) is presently -480.00%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ELME. Wolfe Research started coverage on shares of Elme Communities in a research note on Monday, October 21st. They set a “peer perform” rating on the stock. Wells Fargo & Company boosted their target price on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th.

Elme Communities 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.