Resona Asset Management Co. Ltd. Takes $516,000 Position in Elme Communities (NYSE:ELME)

Resona Asset Management Co. Ltd. acquired a new position in Elme Communities (NYSE:ELME) in the fourth quarter, Holdings Channel reports. The fund acquired 34,651 shares of the company’s stock, valued at approximately $516,000.

A number of other hedge funds also recently bought and sold shares of ELME. Hunter Perkins Capital Management LLC raised its position in shares of Elme Communities by 3.9% in the 4th quarter. Hunter Perkins Capital Management LLC now owns 23,215 shares of the company’s stock worth $354,000 after acquiring an additional 875 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Elme Communities by 0.8% in the third quarter. Public Employees Retirement System of Ohio now owns 127,260 shares of the company’s stock valued at $2,239,000 after purchasing an additional 954 shares during the last quarter. M&T Bank Corp raised its holdings in Elme Communities by 9.5% in the third quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock worth $203,000 after purchasing an additional 1,000 shares in the last quarter. American Century Companies Inc. raised its holdings in Elme Communities by 3.5% in the fourth quarter. American Century Companies Inc. now owns 35,202 shares of the company’s stock worth $538,000 after purchasing an additional 1,193 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Elme Communities by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 16,669 shares of the company’s stock valued at $255,000 after buying an additional 1,544 shares during the last quarter. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Elme Communities Price Performance

Shares of ELME stock opened at $14.91 on Friday. Elme Communities has a fifty-two week low of $13.95 and a fifty-two week high of $18.49. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.55 and a current ratio of 0.58. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -106.47 and a beta of 0.84. The stock’s 50-day simple moving average is $16.63 and its 200-day simple moving average is $16.31.

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

Elme Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Investors of record on Wednesday, March 19th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.83%. The ex-dividend date was Wednesday, March 19th. Elme Communities’s payout ratio is -514.29%.

Analysts Set New Price Targets

A number of research analysts have recently 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 lifted their price target on shares of Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. downgraded Elme Communities from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $19.00 to $18.00 in a research report on Tuesday, December 17th.

About Elme Communities

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.