Intech Investment Management LLC Sells 8,654 Shares of Elme Communities $ELME

Intech Investment Management LLC cut its stake in Elme Communities (NYSE:ELME) by 18.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,474 shares of the company’s stock after selling 8,654 shares during the period. Intech Investment Management LLC’s holdings in Elme Communities were worth $628,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in shares of Elme Communities by 6.4% during the 2nd 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. Aberdeen Group plc lifted its stake in Elme Communities by 3.6% in the first quarter. Aberdeen Group plc now owns 23,774 shares of the company’s stock valued at $414,000 after buying an additional 828 shares during the period. Verdence Capital Advisors LLC lifted its stake in Elme Communities by 4.2% in the second quarter. Verdence Capital Advisors LLC now owns 23,058 shares of the company’s stock valued at $367,000 after buying an additional 934 shares during the period. CWM LLC boosted its holdings in shares of Elme Communities by 240.1% during the 2nd quarter. CWM LLC now owns 2,078 shares of the company’s stock worth $33,000 after buying an additional 1,467 shares in the last quarter. Finally, LDR Capital Management LLC grew its position in shares of Elme Communities by 1.9% during the 2nd quarter. LDR Capital Management LLC now owns 80,207 shares of the company’s stock worth $1,275,000 after buying an additional 1,504 shares during the period. Institutional investors own 87.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Elme Communities from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Elme Communities in a report on Tuesday. Truist Financial reissued a “hold” rating on shares of Elme Communities in a research report on Thursday, September 11th. Finally, Wall Street Zen lowered Elme Communities from a “hold” rating to a “sell” rating in a research report on Friday, September 26th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Elme Communities currently has a consensus rating of “Reduce” and a consensus price target of $18.50.

Elme Communities Trading Up 1.2%

Shares of ELME stock opened at $17.36 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.51 and a current ratio of 0.54. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -11.42 and a beta of 0.97. Elme Communities has a 52-week low of $13.95 and a 52-week high of $18.08. The company has a 50-day simple moving average of $16.77 and a two-hundred day simple moving average of $16.48.

Elme Communities (NYSE:ELME) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The business had revenue of $62.10 million during the quarter, compared to the consensus estimate of $62.17 million. Elme Communities had a negative net margin of 54.57% and a negative return on equity of 13.15%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.23 EPS. Research analysts anticipate that Elme Communities will post 0.94 EPS for the current fiscal year.

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.