Elme Communities (NYSE:ELME) Reaches New 12-Month Low – Here’s What Happened

Elme Communities (NYSE:ELME) reached a new 52-week low during trading on Wednesday . The stock traded as low as $13.95 and last traded at $14.46, with a volume of 67883 shares changing hands. The stock had previously closed at $14.69.

Analyst Ratings Changes

Several analysts have issued reports on ELME shares. Truist Financial raised shares of Elme Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company upped their price objective on Elme Communities from $17.00 to $19.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. lowered shares of Elme Communities from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $19.00 to $18.00 in a research report on Tuesday, December 17th.

Elme Communities Trading Down 2.1 %

The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -102.70 and a beta of 0.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.58 and a quick ratio of 0.55. The business’s 50-day moving average price is $16.63 and its two-hundred day moving average price is $16.36.

Elme Communities (NYSE:ELME) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.26. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. Research analysts predict that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, March 19th. This represents a $0.72 annualized dividend and a yield of 5.01%. Elme Communities’s payout ratio is -514.29%.

Hedge Funds Weigh In On Elme Communities

Several institutional investors have recently added to or reduced their stakes in ELME. Sterling Capital Management LLC increased its holdings in shares of Elme Communities by 817.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,818 shares of the company’s stock valued at $43,000 after acquiring an additional 2,511 shares in the last quarter. Metis Global Partners LLC bought a new position in shares of Elme Communities during the 4th quarter worth approximately $154,000. NewEdge Advisors LLC raised its stake in shares of Elme Communities by 6,041.7% during the 4th quarter. NewEdge Advisors LLC now owns 10,748 shares of the company’s stock worth $164,000 after purchasing an additional 10,573 shares during the period. Meridian Wealth Management LLC bought a new stake in shares of Elme Communities in the 4th quarter worth approximately $171,000. Finally, M&T Bank Corp grew its stake in shares of Elme Communities by 9.5% during the 3rd quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock worth $203,000 after acquiring an additional 1,000 shares during the period. 87.88% of the stock is owned by institutional investors and hedge funds.

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.